Mekdam Holding Group to recommend cancelation of maximum ownership percentages

The Board of Directors of Mekdam Holding Group, a Qatari public shareholding company, decided to recommend to the Extraordinary General Assembly the cancelation of the maximum ownership percentages stipulated in Article No. (21) of the Articles of Association.This article states that "A Shareholder may not own either directly or indirectly more than 5% of the total Shares of the Company. Non-Qatari investors may own no more than 49% of the Company's Share Capital," Mekdam Holding Group said in a press release published on Qatar Stock Exchange (QSE) website on Sunday.The decision comes in preparation for strategic expansion and with the aim of overcoming the most important obstacles to strategic expansion, which may include the acquisition of local or foreign companies through private placement.Accordingly, Mekdam Holding Group will coordinate with all regulatory authorities and invite the Extraordinary General Assembly to convene as soon as possible to approve the Board of Directors recommendation and amend the Articles of Association accordingly.Mekdam Holding Group was established in 2018 and was listed on Qatar Stock Exchange in 2021. (QNA)