Kindlybe advised that Gulf’s General Investment Co. (P.S.C) 44th GeneralAssembly Meeting has been convened on Tuesday 24/04/2018at 5:00 pm atTime Grand Plaza Hotel – Al Qusais - Dubai
Witha quorum being present the following decisions were taken:
1- Approve thereport of the Board of Directors on the activities and financial position of thecompany for the year ended 31/12/2017.
2- Approve the Statutory Auditor’s report for the yearended 31/12/2017.
3- Approve thecompany’s balance sheet and profit & loss statements for the year ended31/12/2017.
4- The members of the Board of Directors weredischarged from liability for the year ended 31/12/2017.
5- The Statutory Auditor was discharged from liabilityfor the year ended 31/12/2017.
6- The AGM agreed to reappoint KPMG as GGICO’sStatutory Auditor for the year ended 31/12/2018.
7- The AGM agreed to appoint Mr. Majid Abdalla Juma AlSari as a Board member and Deputy Chairman.
8- The AGM approved the special resolution to considerthe continuity of the Company’s operations according to the requirements ofarticle (302) of the UAE Federal law(2) of 2015 concerning commercial companies’. Furthermore, the AGM approved thecompany’s plan and procedures towards solving the accumulated losses, whichincludes capital reduction from AED 1,791 million to AED 586 million toextinguish all accumulated losses and deducting a total number of shares equalto the amount written-off. Moreover, the AGM authorized the Company’s Board ofDirectors and any person authorized by the Board of Directors to undertake allnecessary procedures and steps to allow the company to complete the capitalreduction and make the required amendments to the Company’s Articles of Association.
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