Milaha Holds Annual General Meeting
March 16th, 2017. Dubai, UAE- Qatar Navigation (Milaha) Q.S.C. held its Ordinary General Assembly meeting on March 15, 2017, during which the company’s audited financial results for the year ended 31 December 2016 were approved.
The General Assembly also ratified all the remaining items on the Agenda, including the proposal by the Board of Directors to distribute a cash dividend of 35% of par value, equivalent to QAR 3.5 per share. The General Assembly further approved the appointment of KPMG as external auditors for 2017.
During the General Assembly meeting, HE Sheikh Ali bin Jassim bin Mohammad Al Thani, Chairman of Milaha’s Board of Directors, presented an overview of the company’s activities and financial results for 2016 along with an outlook for 2017.
The Chairman said: “We managed to remain profitable in 2016 despite the challenges in many of the industries and sectors in which Milaha operates. Operationally, we had several milestones on top of which are our historic agreement with the Qatar Ports Management Company (Mwani Qatar) to manage the first phase of Hamad Port and the launch of our office in Singapore.”
The Chairman added: “Going forward, our multi-year strategy will ensure that we continue to invest for the future, and further strengthen our capabilities to serve our customers more effectively and efficiently.”
During the meeting, the Chairman provided shareholders with answers to all the questions that were raised.
Milaha’s net profit for 2016 was QAR 711 million compared to QAR 1.095 billion reported the previous year. Shareholders can review the company’s financial statements for more information.
As part of the Extraordinary Meeting, the General Assembly approved the recommendation to amend several articles in the company’s Articles of Association as per the provisions of the Commercial Companies Law.
Dividend distribution will commence starting March 22, 2017 through all of Qatar National Bank (QNB) branches. QNB has been appointed official Dividend Distribution Agent and will provide dividend distribution, dividend account administration and other administrative support services to ensure shareholders have easier and more efficient access to their earned dividends.
Milaha’s Extraordinary General Assembly approved the addition of truck trading activity to the company’s operations; a new provision to ensure the rights of the company’s minority shareholders, as required by the Qatar Financial Markets Authority; and amending the provision of Article 34 of the company’s Articles of Association.
Home >> Shipping and Logistic Section
Power to progress: Kia K4 next-generation compact sedan sets new design standard ...
Etihad Rail signs agreement for waste management services with BEEAH Group
Rowland Seeks To Extend Nissan's Podium Streak In Front Of Sell-Out Home Crowd A ...
Union Coop joins forces with Emirates Skywards
Identity and Dubai Police in Wheelchair Basketball final at Nad Al Sheba Sports ...
Abu Dhabi Chamber and UAE International Investors Council Sign Collaboration Agr ...
Al Haramain Group shares its business growth by hosting UAE's largest Iftar for ...
5th Ramadan Heroes supports 224,000+ beneficiaries in two weeks
Call for Entries for Milestone Tenth Edition of Van Cleef & Arpels Middle East E ...
Emirates Adds Saf On Flights From Amsterdam Schiphol Airport
Formula E Races Into Asphalt 9: Legends With Time-Limited Events Ahead Of Tokyo ...
Green Metal Industries to set up a $100m Steel Recycling and Production Facility ...
MGD Showroom Inaugurations In India
Moro Hub Recognizes Supreme Legislation Committee's Commitment to Sustainability ...
Ras Al Khaimah Welcomes Easter with Exceptional Hospitality and Exclusive Hotel ...
Six Senses Residences Dubai Marina Engineered with Integrated Wellness from the ...
Choithrams marks 50 Years of Goodness, ready for a golden run into the next 50
Dubai Health Authority concludes Dubai Medical Research Forum 2024
Stay Hydrated This Ramadan with Rubicon's Organic Coconut Water