Mazaya Real Estate Development Company announced the invitation of the Extraordinary General Assembly to convene on May 14th. This is to discuss a 13.6% capital reduction, and according to a statement to the Qatar Stock Exchange, the reduction will take place by canceling 157.63 million shares, equivalent to 157.63 million riyals; The company’s new capital becomes one billion shares, equivalent to one billion riyals, by amortizing the accumulated losses. She indicated that 39.59 million riyals were used from the legal reserve to extinguish the rest of the losses, explaining that the total amortized losses amounted to 197.22 million riyals. She noted that if the assembly approves the item, the company will be able to distribute profits in the coming years, without affecting the company’s financial indicators and its ability to fulfill its obligations. The agenda includes the approval of the issuance of 299 million shares; Equivalent to 29% of the capital, after the completion of the capital reduction process, in exchange for in-kind shares through one tranche or more over the course of one year; In accordance with the rules of the Qatar Financial Markets Authority and the Ministry of Commerce and Industry and the applicable regulations. She explained that the nominal value of one share will amount to 1 riyal, in addition to the issuance premium, if any, with a discussion of the assembly’s mandate to the Board of Directors to determine the value of the bonus when starting any “share issuance” process. The company confirmed that this item comes within the framework of the company’s efforts during the current year to develop the investment portfolio and enhance the company’s revenues for the benefit of existing and new investors. With the aim of stabilizing earnings per share in the coming years. It discusses the authorization of the Chairman of the Board of Directors to issue, sign and publish the amendment to the amended Articles of Association after the approval of the Ministry of Commerce and Industry and the Extraordinary General Assembly. Mazaya Real Estate Development has set May 17th as an alternative date in case the quorum is not met.
Read the Latest World News Today on The Eastern Herald.
