CGAM declares conversion of Dukhan Bank into Qatari public shareholding company

The Constitutional General Assembly Meeting (CGAM) of Dukhan Bank was held virtually yesterday under the chairmanship of Sheikh Mohamed bin Hamad bin Jassim al-Thani and in the presence of 90.6% of the shareholders.
The meeting deliberated on all agenda items. At the onset of the meeting, conversion of Dukhan Bank into a Qatari public shareholding company in accordance with Article 208 of the Commercial Companies Law number 11 of 2015 (as amended) and the related expenses, was announced.
The CGAM ratified the memorandum of association and articles of association of the bank.
The attendees at the meeting approved the appointment of the first board of directors of Dukhan Bank after its conversion into a Qatari public shareholding company as set out in the articles of association; and also approved the valuation of the assets and liabilities of the bank.
The meeting unanimously declared the conversion of Dukhan Bank to a Qatari public shareholding company.
The participants at the meeting delegated to the chairman of the board of directors, power and authority to complete the conversion process, amend the Commercial Registration Certificate, and obtain the approval from the competent authorities, and to delegate any such powers to any board member or member of the executive management at the chairman's sole and absolute discretion.
Sheikh Mohamed said: “We are pleased to move forward towards finalizing listing of the Bank’s shares on the Qatar Stock Exchange, which is expected to be completed shortly. Holding the Constitutional General Assembly Meeting is an important step after the conversion of the Bank to a Qatari public shareholding company. This step marks a new dawn in the history of the Bank and consolidates its leading position as one of the fastest growing and 5th largest bank in Qatar.
“Moreover, it will give all investors an opportunity to benefit from the returns of continued growth and impressive performance that distinguished Dukhan Bank over the previous years, which we aspire to continue in the future as well.”