Gulf Cement okays foreign investors’ stake hike, Qatar

Gulf Cement okays foreign investors’ stake hike, Qatar
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.
Published under Cement News