The Board of Directors of Al Meera Consumer Goods Company (Q.S.C.) held its Extraordinary General Assembly Meeting on Monday the 8th of October 2012 at Regency Halls in the presence of H.E. Abdulla Bin Khaled Al-Qahtani, Chairman of the Board of Al Meera, as well as board members, shareholders, and investors.
The Board has approved the following articles of the agenda which are as follows:
1- Endorse the proposal to increase the capital through a rights issue of 100 % of total capital to the existing shareholders at the nominal price of ten Qatari riyals per share, plus a premium of eighty five Qatari riyals per share.
2- Endorse the amendment of Clause no. 14 of the Articles of Association “Shares of any shareholder shall not exceed 2% of the total capital shares, except for the Government of the State of Qatar” to be read as “Shares of any shareholders shall not exceed 5% of the total capital shares, except for the Government of the State of Qatar.”
3- Endorse the amendment of Clause no. 28 of the Articles of Association “The Members of the Board of Directors shall be elected for a period of three years and can be re-elected, except the Government representatives of the State of Qatar, for one more period only. The first Board of Directors shall remain for a period of five years” to be read as “The members of the Board of Directors shall be elected for a period of three years and may be re-elected for more periods.”
4- Endorsing the authorization of the Board of Directors to execute the above mentioned resolution before official bodies in the State.
“In the past few years, we have seen Al Meera take a successful journey,” said HE Abdulla Bin Khaled Al-Qahtani, Chairman of the Board of Al Meera. We have embarked on an aggressive expansion strategy, that will not only see more Al Meera outlets opening up across the country, virtually guaranteeing easy access to the entire population of Qatar, but also expanding our offerings. We have signed agreements with international outlets so that our name will spread beyond our borders. International retailers, such as WH Smith, have signed on with us to establish their own brands here in Qatar. As a result, the company’s position has changed in the market, and we have become even more dominant in the retail sector. Without the support of the Government of the State of Qatar, shareholders, investors, Al Meera staff, and other stakeholders, this would not have been possible. We promise to continue this path of success and even greater revenues in the coming future.”
His Excellency further explained the national factors that contributed to the success of the brand in Qatar.
“Had it not been the resilience and strength of the Qatari economy, Al Meera would not be where it is today,” continued HE Abdulla Bin Khaled Al-Qahtani. “Had it not been for the government’s and the company’s commitment to the Qatar National Vision 2030 and all its pillars, we would not have been able to record the incredible achievements we have been witnessing, for we consider ourselves tied to the achievements of the State of Qatar itself – as the State succeeds so do we; as the State achieves, so does Al Meera. It is not a coincidence then that Al Meera has grown in alignment with the remarkable growth and development of the country itself.”
HE Abdulla Bin Khaled Al-Qahtani also added: “We therefore use a three-tiered strategy to mitigate the risks associated with a fast-growing market, focusing on both scale and capabilities. The heart of the strategy is to grow our core market in the first place, by strengthening our position through implementing innovative retail store formats, opening new stores to increase our sales space, and acquiring entities which will increase value to our brand.”
“The second tier is to create value through increasing our operations efficiencies; this is mostly done through regular internal reviews, adhering to industry best practices, focusing on increasing brand awareness, and so forth. The most encompassing level of our strategy is planning and anticipating retail business opportunities. We have been especially active in this, by going into partnerships to form joint ventures, acquiring local and regional retailers, and setting up international franchises here and abroad.”
(click here to read speech of H.E. Abdulla Bin Khaled Al-Qahtani)
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