Qatar Navigation Q.P.S.C (“Milaha”) announced that Qatar Quarries and Building Materials Company (P.J.S.C.)” (the “Company”) held its Extraordinary General Assembly meeting yesterday, whereas the Company’s Shareholders approved the Board of Directors’ recommendation to reduce the Company’s authorized and paid-up capital by an amount of QAR 44.5 million, which is 47%, so that the Company’s authorized and paid-up capital becomes QAR 50 million with 5 million shares at a nominal value of QAR 10 per share, instead of QAR 94.5 million with 9.45 million shares at a nominal value of QAR 10 per share. This reduction came as a result of the capital exceeding the Company’s requirements and in order for the capital structure to be aligned with the Company’s future vision.
Milaha’s actual ownership percentage in Qatar Quarries and Building Materials Company (P.J.S.C.), is approximately 50% of the Company’s capital.
About “Qatar Quarries & Building Materials Company”:
Qatar Quarries & Building Materials Company was established in May 2004. The principle activity of the Company is importing gabbro mountain gravel and trading in building materials.