Ezdan Holding Group has nullified its earlier proposal to become a private entity by delisting from the Qatar Stock Exchange (QSE) in view of the robust momentum in the domestic economy.
In its general assembly held on Sunday, the shareholders "agreed to waive its previous decision (dated May 24, 2017) concerning the approval in principle the transformation Ezdan Holding Group from a public shareholding company to a private shareholding company."
Ezdan board had held a meeting on April 6 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 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 blockade period, and considering that the QSE was one of the best performers in the Arab region in 2018.
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 QSE index after the company agreed in principle to delist. Earlier, the QSE had appealed to Ezdan to reconsider their resolution to delist.
