Gulf Cement okays foreign investors’ stake hike, Qatar

Gulf Cement okays foreign investors’ stake hike, Qatar
Published: 28 February 2008

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 company’s shares as one of the criteria for being board member.

The cement company’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.