(MENAFN- The Peninsula) DOHA: Qatar Navigation's (Milaha) general assembly has approved the recommendation to amend the concerned article to increase the company's foreign ownership limit up to 49 percent. The Ordinary General Assembly yesterday approved all the items on its Agenda including the proposal by the Board of Directors to distribute a cash dividend of 55 percent of the nominal share value.
During the meeting, Sheikh Ali bin Jassim bin Mohammad Al Thani, Chairman of Milaha's Board of Directors presented an overview of the company's activities and financial results for 2014 along with highlights of business plans for the year 2015. The Chairman stated that "Looking back, 2014 was an excellent year for Milaha financially."
Sheikh Ali stated: "Milaha continued its effort to build a stronger and more sustainable foundation for our future." Net profit for 2014 reached QR1bn, a 10 percent increase over 2013. Shareholders can review the company's financial statements for more information.
The Chairman also highlighted Milaha's significant progress. "When we reported our first half results of 2014, our net income was down. A much stronger second half relative to 2013 drove a net profit increase backed by strong performance in our gas and petrochem segment, and gains in our investment portfolio."
Dividend distribution will commence starting March 24, through all of Qatar National Bank (QNB) branches. QNB has been appointed official Dividend Distribution Agent and will provide dividend distribution, dividend account administration and other administrative support services to ensure shareholders have easier and more efficient access to their earned dividends.
The General Assembly elected the Board of Directors for the next three-year term from 2015 to 2017: Sheikh Ali bin Jassim bin Mohammed Al Thani is the Chairman of the Board. Sheikh Khalid bin Khalifa Al Thani (QP) is the Vice Chairman.
Other Board members: Sheikh Jassim bin Hamad bin Jassim Al Thani; Saad Mohammad Al Rumaihi; Hamad Mohammad Al Mana; Adel Ali bin Ali, Salman Abdullah Abdulghani; Dr Mazen Jassim Jaidah; Ali Ahmad Al-Kuwari; Sulaiman Haidar Sulaiman; and Ali Hussain Al-Sada. Reserve members include Sheikh Suheem bin Abdulaziz bin Suheem Al Thani, and Mohammed Nasser Al Qahtani.
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