With a quorum being present the following decisions were taken:

1-       Approve the report of the Board of Directors on the activities and financial position of the company for the year ended 31/12/2019.

2-       Approve the Statutory Auditor’s report for the year ended 31/12/2019.

3-        Approve the company’s balance sheet and profit & loss statements for the year ended 31/12/2019.

4-       The members of the Board of Directors were discharged from liability for the year ended 31/12/2019.

5-       The Statutory Auditor was discharged from liability for the year ended 31/12/2019.

6-       The AGM agreed to appoint Grant Thornton as GGICO’s Statutory Auditor for the year ended 31/12/2020

7-       The General Assembly agreed to allow the Chairman of the Board of Directors and the Directors to participate in businesses which might be in competition with the company’s business as per Article 152 (3) of the UAE Federal Law No. 2 of 2015.

Additional items:

8-       The AGM approved the special resolution to consider the continuity of the Company’s operations according to the requirements of article (302) of the UAE Federal law (2) of 2015 concerning commercial companies’.

1-       Approve the report of the Board of Directors on the activities and financial position of the company for the year ended 31/12/2018.

2-     Approve the Statutory Auditor’s report for the year ended 31/12/2018.

3-      Approve the company’s balance sheet and profit & loss statements for the year ended 31/12/2018.

4-     The members of the Board of Directors were discharged from liability for the year ended 31/12/2018.

5-     The Statutory Auditor was discharged from liability for the year ended 31/12/2018.

6-     The AGM agreed to appoint Grant Thornton as GGICO’s Statutory Auditor for the year ended 31/12/2019.

7-     The AGM agreed to appoint the elected the Board of Directors

8-     The AGM approved the special resolution to consider the continuity of the Company’s operations according to the requirements of article (302) of the UAE Federal law (2) of 2015 concerning commercial companies’.

9-     Furthermore, the AGM approved the procedures towards the treatment of the accumulated losses, which includes a capital reduction from AED 1,791 million to AED 350 million amounting to AED 1,441 million through the cancellation of an equivalent number of shares in the Company on a pro rata basis million to extinguish all accumulated losses and to approve the granting to the Board of Directors of the Company of the full authority to effectuate the procedure for the capital reduction pursuant to the provisions of the Commercial Companies Law and the executive regulations of the Securities and Commodities Authority.

With a quorum being present the following decisions were taken:

1.      The AGM approved the special resolution for the  company’s to  amend Article (24) of its Articles of Association to be read as follows:

A.     The Board of Directors shall have all authorities in the management of the Company and shall carry out all acts and acts on behalf of the Company as authorized by the Company, and exercise all the powers required to achieve its purposes, and shall not limit such powers and authorities except as provided by the Companies Law or the Articles of Association of the General Assembly. Without prejudice to the provisions of the law and its implementing decisions issued by the authority, the Board of Directors is authorized to contract loans for more than three years, sell the company’s stores, properties, mortgage the movable and immovable property of the company, discharge the debts of the company’s debtors from their obligations and to compromise or agree to resort the arbitration. 

B.     The Board of Directors shall establish regulations concerning administrative, financial, personnel and financial transactions. The Council shall also establish a regulation for the organization of its work and meetings and the distribution of competences and responsibilities.

2.      The AGM approved to add an item to the meeting agenda, requested by the shareholders, before the meeting was convened, moreover, the AGM approved the additional agenda item “to delegate the Chairman or whoever is designated by the Chairman to sign any contracts and/or loans and/or restructure/reschedule existing loans in excess of three years furthermore, authorize the Chairman or whoever is designated by the Chairman to take all the necessary measures to implement the content of this resolution.”