Ezdan looking to nullify plan to delist from QSE as Qatar economy stays robust
April 07 2019 09:10 PM

Ezdan Holding Group is contemplating nullifying its earlier proposal to delist from the Qatar Stock Exchange (QSE) in view of the robust momentum in the domestic economy.

In this regard, the group has decided to convene an extraordinary general assembly to discuss the issue. The time and date are yet to be decided, said a spokesman of Ezdan Holding Group.

The Ezdan board had held a meeting on Saturday to consider the request of one of the shareholders of Al Tadawul Trading Group, which owns more than 25% stake, regarding nullifying the earlier proposal.

"The convention covered discussions about mulling a request for extraordinary general assembly to discuss the invalidating the previous extraordinary general assembly decision dated May 24, 2017 to transfer the Ezdan Holding Group initially from a public joint stock company to a private joint stock company, Ezdan said in a regulatory filing with the bourse.

The letter presented by one of the shareholders stated that this request is based on the strength of the Qatari economy, despite the challenges, especially during the period of blockade, and considering that the QSE is one of the best performers in the Arab region.

According to the Article 138 of the Companies Law No. 11/2015, the extraordinary general assembly shall meet only at the invitation of the board of directors. "The board shall direct such an invitation if so requested by a number of shareholders representing (25%) stake at minimum of the company’s capital," it added.

The index committee of the QSE had decided to temporarily remove Ezdan Holding Group from the components of the QSE index after the company agreed in principle to delist.

Earlier, the QSE had appealed to Ezdan to reconsider their resolution to delist.

In another communique, Ezdan said it will convene an ordinary general assembly to discuss and approve the budget and the profit/loss account for the fiscal year ended December 31, 2018 and also on the company's plans for this year.

"The group is looking forward to expanding its real estate investment portfolio, which we hope will contribute to the provision of housing units necessary to host the delegations of the World Cup 2022," Ezdan Holding Group chairman Sheikh Dr Khalid bin Thani Abdullah al-Thani said.

Stemming from this strategy, the group was able to finalise the operation of a large number of outstanding projects, which included Ezdan Oasis mega project in Al Wukair that comprises 9,346 units.

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