The Extra-Ordinary General Assembly Meeting for Mazaya Real Estate Development was held on Wednesday, May 17, 2023, at 4:30 pm Via Zoom cloud meetings. and discussed & approved the below agenda:
The first item: The reduction of the company’s capital and the cancellation of 157,625,000 shares, equivalent to QAR 157,625,000, which represents 13.61% of the total capital, so that the new capital of the company becomes 1,000,000,000 (one billion) shares, equivalent to QAR 1,000,000,000 (one billion Qatari riyals) by extinguishing the equivalent of QAR 157,625,000 of accumulated losses. Additionally, QAR 39,599,645 from the legal reserve will be used to extinguish the remaining losses, which amount to QAR 39,599,645. Thus, the total extinguished losses will be QAR 197,224,645.
The approvals of the regulatory authorities will be obtained, and the date of capital reduction will be determined at a later time.
The second item: Approval to issue up to 299,000,000 shares, equivalent to 29% of the capital (after completing the capital reduction process to QAR 1 billion), in exchange for in-kind shares through one or more tranches over one year, in accordance with the rules of the Qatar Financial Markets Authority, the Ministry of Commerce and Industry, and applicable regulations. The nominal value of each share shall be one Qatari Riyal plus an issuance premium, if any. The General Assembly authorizes the Board of Directors to determine the amount of the premium at the start of any share issuance process.
The third item: Authorizing the Chairman of the Board of Directors to issue, sign and publish the amended Articles of Association after the approval of the Ministry of Commerce and Industry and the Extraordinary General Assembly.
Accordingly, all the items mentioned above have been approved.
