Gulf Cement Company shareholders have approved a higher 49% stake for foreign investors, the third listed entity to do so in the recent period.
The shareholders gave their consent at the extra-ordinary general assembly meeting, which also approved the conversion of the company into a holding entity.
The other two entities that have approved a higher stake for non-Qatari investors are Masraf Al Rayan and United Development Company, while Industries Qatar board recently rejected such a proposal.
Gulf Cement yesterday gained 1.52% to QR26.70 on a volume of 278,002 shares from 417 transactions.
The extra-ordinary meeting also approved amendments to Paragraph (13) of Article 32, whereby stipulating a minimum 1% of total companyâ€™s shares as one of the criteria for being board member.
The cement companyâ€™s ordinary assembly meeting, which was also held on the same day of extra-ordinary meet, approved the financial statement for 2007, which showed a net profit of QR32.30mn and its transfer into retained earnings.
The ordinary meeting also approved the appointment of Deloitte and Touche as external auditors for this year.