Dukhan Bank EGA Approves Conversion Of Bank To Public Shareholding Company

Doha: The Extraordinary General Assembly Meeting of Dukhan bank was held via videoconference on January 15 2023, chaired by sheikh Mohammed Bin Hamad Bin Jassim Al Thani, the Chairman of the Board, and in the presence of 91.6 percent of the shareholders.

The meeting involved discussions of all of the items on the agenda, including the approval of the conversion of the Bank to a Qatari public shareholding company in accordance with Article 208 of the Commercial Companies Law number 11 of 2015 (as amended) (the“Companies Law”), the direct listing of the share capital of the Bank on the main market of the QSE according to the terms and conditions set out in the listing prospectus (which will be published on the websites of the QSE and the Bank), and increasing the level of foreign ownership of the shares of the Bank to 49 percent.

The EGA also approved the valuation reports determining the valuation of the Bank prepared by independent valuators. In this regard and in accordance with the Qatar Financial Markets Authority's (the“QFMA”) Offering and Listing of Securities on the Financial Markets Rulebook, the Board appointed KPMG Qatar Branch (“KPMG”) and Access Company (“Moore”) as the independent valuators to assess the Bank's assets and liabilities in order to prepare the independent valuation reports.

The amendments to the articles of association include, amongst other things, reducing the nominal value of each share of the Bank from QR10 to QR1, increasing the level of foreign ownership of the shares of the Bank to 49 percent, in addition to other necessary amendments to make the memorandum of association and the articles of association conform to the provisions of the laws in force regarding public shareholding companies. Moreover, the amendments include appointing board members immediately upon the conversion of the Bank to a Qatari public shareholding company.

Commenting on the occasion, the Chairman of Dukhan Bank, Sheikh Mohammed Bin Hamad bin Jassim Al-Thani, said:“We are pleased with the results of the Extraordinary General Assembly Meeting, as the participating shareholders overwhelmingly approved all of the agenda items after thorough discussions. The direct listing of the share capital of the bank in the main market on the Qatar Stock Exchange and its conversion into a joint stock company is in line with our overall strategy, the characteristics of which were defined with the completion of first merger in the Qatari banking sector in 2019.

Today, as the fifth largest bank in Qatar with total assets in excess of QR 100 billion, we wanted to share the returns of Dukhan Bank's continued growth with a broader base of shareholders in Qatar and beyond. We consider the listing as a new step that will strengthen the bank's position globally, with our commitment to environmental governance, social responsibility and corporate governance framework, which we are committed to in Dukhan Bank, and our adherence to our portfolio, which is enhanced with state-of-the-art digital banking services and products that cater to the ever-changing customer demands.”

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