(MENAFN - The Peninsula) The Qatar Industrial Manufacturing Company (QIMC) has reported financials for 2009 and the company's net profits total QR160.3m as against QR184.4m in 2008.
The company has decided to recommend to the Ordinary General Assembly (annual general meeting or AGM) of the shareholders which will be held on March 15 to distribute 20 percent cash dividend and 20 percent stock dividend (bonus shares).
According to a news item posted on the website of Qatar Exchange, the company will hold ordinary and extraordinary AGMs on March 15 at Al Sharq Village and Spa.
If the required quorum is not met, a second meeting is scheduled to take place on March 28 at the same venue to discuss the statement of the Board of Directors on the Company's activities, financial position during the year ending 31 December 2009 and its business plans for 2010; listen to and approve the report of the External Auditors on the Company's balance sheet and on the accounts submitted by the Board of Directors; discuss and approve the balance sheet and profit and loss account for the year ending December 31, 2009; approve the proposal of the Board of Directors to distribute to the shareholders cash dividend at the rate of 20 percent of the nominal share value, amounting QR2 for each share, and a bonus share distribution of 20 percent of share capital; and appoint an External Auditor for the Company's accounts for the 2010 financial year and fixing its fees.
Also on the agenda will be discharging the members of the Board of Directors and fixing their fees for the financial year ending 31 December 2009 and Election of members of the Board of Directors for the next three year term.
The agenda for Extraordinary General Assembly will be to approve the amendments of the company's Article of Association, Article (6) for the increase in the share capital of the company by 20 percent. The new company capital will amount to QR 360,000,000 divided into 36,000,000 ordinary nominal shares, the value of each at QR10.