THE AGM OF ALIJARAH ENDORSES ITEMS ON ITS AGENDA
15-02-2016
THE AGM OF ALIJARAH ENDORSES ITEMS ON ITS AGENDA AND APPROVES THE DISTRIBUTION OF 5% CASH DIVIDEND
Alijarah Holding Announces the results of the Ordinary General Assembly Meetings was held on Sunday 31/01/2016 and has approved the following resolutions:
The agenda of the general assembly included the following:
- Message of the Chairman and Board of Directors report on the activity of the company and its financial position for the year ended December 31, 2015.
- Report of Sharia Board on the activity of the company for the year ended December 31, 2015.
- Independent Auditors Report on the Companys financial statements for the fiscal year ended December 31, 2015.
- Discuss and approve the Financial Statements of the company for the financial year ended December 31, 2015.
- Ratify the Boards proposal to distribute a dividend of 5% of the nominal value per share at the rate of 0.50 QR.
- Absolve the Boards of Directors Members for the financial year ended December 31, 2015.
- Discuss the Corporate Governance Report for 2015.
- Appoint the companys external auditor for the fiscal year 2016 and determine their fees.
H.E. the Chairman and the Managing Director gave a speech in which he explained that the company incurred a loss which is the first in the company’s history, and goes back to the following:
- Impairment losses on financial assets available for sale amounting to QR 24.85 million,
- Provision for other receivables amounting to QR 37.16 million.
- In addition to the high operating cost of the limousine sector which led to a loss in this sector amounting to QR 53.87 million.
