THE AGM AT GULF INTERNATIONAL SERVICES ENDORSES THE ITEMS LISTED ON ITS AGENDA AND APPROVES THE 17%

THE AGM AT GULF INTERNATIONAL SERVICES ENDORSES THE ITEMS LISTED ON ITS AGENDA AND APPROVES THE 17%

08-04-2010

Gulf International Services Company announces the results of its Annual & Extraordinary General Assembly Meeting results held on Wednesday, April 7, 2010 at Al Fayrouz, Marriot Hotel, Doha and has previewed the below items: 

Ordinary General Assembly Meeting:

1. Chairman’s Message for the year ended December 31, 2009 was presented.
2. Board of Directors’ Report on GIS’ Activities and Financial position for the year ended December 31, 2009 was presented.
3. Auditors presented the report on GIS’ Consolidated Financial Statements for the year ended December 31, 2009 and it was approved by the General Assembly.
4. GIS’ Consolidated Financial Statements for the year ended December 31, 2009 was discussed and approved.
5. GISs Consolidated 5-year Business Plan was discussed.
6. The General Assembly Approved the Board’s recommendation for a dividend payment of  QR 1.7 per share, representing 17 % of the nominal share value.
7. The General Assembly Approved the appointment of  KPMG as the external auditors for 2010 and fixed their remuneration.
8. The General Assembly Absolved the Board of Directors from liability for the year 2009 and fixed their remuneration.

Extraordinary General Assembly Meeting:
1. Approved the reduction of GIS’ Authorized Share Capital from QR 10 billion to QR 2 billion, accordingly amending GIS’ Articles of Association and all company official documents, where necessary.
2. Approved the amendments to the following Articles of  GIS’ Articles of Association:
a. Article 24: To allow extension of the present term of Directors’ appointments until AGAM 2011.
Article 40.2: To allow extension of the terms of the Chairman and Deputy Chairman of the Board until AGAM 2011

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