The extraordinary general assembly (EGA) meeting of Dukhan Bank has approved the conversion of the bank to a Qatari public shareholding company, a direct listing of the share capital of the bank on the main market of the Qatar Stock Exchange (QSE), and increasing the level of foreign ownership of the shares of to 49 percent.
The EGA also approved the valuation reports determining the valuation of the bank prepared by independent evaluators. The bank appointed the KPMG Qatar branch (KPMG) and Access Company (Moore) as the independent valuators to assess the bank’s assets and liabilities in order to prepare the independent valuation reports
The EGA approved the valuation and applicable price of the shares of the bank which will be used in the direct listing process at $1.19 per share, as approved by the board and the QFMA.
Amending the memorandum of association and the articles of association EGA also approved the proposed amendments to the memorandum of association and the articles of association of the bank. These proposed amendments are primarily for the purpose of converting the bank to a Qatari public shareholding company and the direct listing of the bank’s shares in the main market on the QSE.
The amendments to the articles of association include, amongst other things, reducing the nominal value of each share of the bank from $2.75 to $0.27, increasing the level of foreign ownership of the shares of the bank to 49 percent, in addition to other necessary amendments to make the memorandum of association and the articles of association conform to the provisions of the laws in force regarding public shareholding companies. Moreover, the amendments include appointing board members immediately upon the conversion of the bank to a Qatari public shareholding company.
Sheikh Mohammed bin Hamad bin Jassim Al Thani Chairman – Dukhan Bank
“We are pleased with the results of the EGA as the participating shareholders overwhelmingly approved all of the agenda items after thorough discussions. The direct listing of the share capital of the bank in the main market on QSE and its conversion into a joint stock company is in line with our overall strategy, the characteristics of which were defined with the completion of the first merger in the Qatari banking sector in 2019.”
The EGA also approved the appointment of members of the board immediately upon the conversion of the bank to a Qatari public shareholding company led by Sheikh Mohammed bin Hamad bin Jassim Al Thani as the chairman of the board and the representative of Al Thurwa Trading Company.
The EGA authorized the chairman of the board to represent the bank before all competent authorities and to secure and obtain all required approvals from the regulatory authorities in order to complete the matters approved by the EGA.
The bank will now seek to complete the final legal and regulatory steps in relation to the listing and will provide a further update in relation to timings in due course.
