Vodafone Qatar will be able to deliver its growth plans faster as the recently announced company changes reset it for the future, said outgoing CEO Ian Gray.
Addressing company shareholders at their ordinary and extraordinary general assembly meetings at the Four Seasons yesterday Gray said, “The overall financial results clearly indicate a recovery in our business performance. Looking ahead, we will continue to bring further innovative products and unmatched customer experiences across our core mobile offering. “We will also further expand our rapidly growing fixed-line proposition, targeting opportunities in public and private investments, major real estate developments and infrastructure projects.”
Gray said, “At our extraordinary general assembly in October, Vodafone Qatar changed its financial year-end to December 31. This change aligns our results announcements and other reporting requirements with other listed companies in Qatar.
Vodafone Qatar also made the necessary changes to its Articles of Association to provide more flexibility with respect to securing additional funding if required. Amendments were also made to comply with new corporate governance rules issued by the QFMA board decision No. 5 of 2016 for companies and legal entities listed on the stock exchange.”
The Communications Regulatory Authority (CRA) has extended Vodafone’s mobile telecommunications licence for an additional 40 years to 2068, which will enable the company to reduce its amortisation cost annually from QR403mn to approximately QR100mn.
At the extraordinary general assembly, Vodafone shareholders approved the company’s capital reduction subject to obtaining relevant regulatory approvals.
Under this, the reduction in the share capital of the company from QR8.454bn to QR4.227bn was approved by means of reducing the nominal value of the shares of the company from QR10 per share to QR5 or any other method that the board would deem to be in the best interest of the company, and approved by the shareholders and the regulators; and to approve that any further remaining losses up to a maximum amount of QR45mn be netted off against the company’s distributable reserves.
It was clarified that a reduction in the nominal value of the shares of the company would not impact the value of the shares held by holders.
Gray said, “We will continue our long-term partnership with Vodafone Group Plc and continue to benefit from all services and support we currently enjoy as a Vodafone branded company.”
He also congratulated Sheikh Hamad bin Abdullah al-Thani on his new role as Vodafone Qatar’s CEO. Hitherto, Sheikh Hamad was Vodafone Qatar’s chief operating officer.
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