Doha – Mubasher: The ordinary general meeting (OGM) of Mazaya Qatar Real Estate Development Company approved the recommendation to distribute bonus shares representing 5% of its capital, at a 1-for-20 ratio, according to a bourse filing on Thursday.
Mazaya’s capital before the bonus distribution amounted to QAR 1.1 billion, distributed over 110.25 million shares, at par value QAR 10 per share.
In March 2016, the company’s shareholders approved the distribution of the same bonus share ratio.
The OGM approved the financial statements of 2016 after discussing the board’s, auditors’, and Sharia Supervisory Board’s reports.
Mazaya’s annual profits dropped 33.8% to QAR 74.63 million in 2016, compared to QAR 112.72 million in 2015.
The OGM also elected a new board for the next three years (2017-2019).
The extraordinary general meeting (EGM) was not held on Wednesday due to non-complete quorum, so another meeting will be held on 17 April.
