Milaha Holds Annual General Meeting
Qatar Navigation (Milaha) Q.S.C. held its Ordinary General Assembly meeting on March 16, 2016, during which the business's audited monetary results for the year ended 31 December 2015 were approved.
The General Assembly also ratified all the remaining items on the Agenda, consisting of the proposal by the Board of Directors to distribute a money dividend of 50 % of the nominal share value (equivalent to QAR 5 per share). The General Assembly further authorized the appointment of KPMG as external auditors for the year 2016.
Throughout the General Assembly meeting , HE Sheikh Ali bin Jassim bin Mohammad Al Thani, Chairman of Milaha's Board of Directors provided a summary of the business's activities and financial outcomes for 2015 in addition to highlights of business plans for the year 2016.
The Chairman said: "2015 was a year of milestones for Milaha as we released a very first of its kind direct shipping service in between Qatar and India, secured brand-new contracts, and enhanced our market share in several sectors.".
The Chairman added: "Despite tough market conditions, our development this year was driven by substantial improvement in our core businesses -- maritime and logistics, gas and petrochem, and offshore services-- and this is an indicator of the success of our growth strategy as we develop a stronger foundation for our future.".
Throughout the meeting, the Chairman provided shareholders with detailed responses with regards to all the concerns that were raised.
Milaha's net revenue for 2015 increased by 4 % to QAR 1.095 billion up from QAR 1.049 billion in 2014. Shareholders can review the business's monetary statements for more details.
Dividend distribution will start starting March 23, 2016 through all Qatar National Bank (QNB) branches. QNB has been selected official Dividend Distribution Agent and will provide dividend distribution, dividend account administration and other administrative support services to make sure shareholders have much easier and more effective access to their earned dividends.
As part of the Extraordinary Meeting, the General Assembly authorized the recommendation to amend several articles in the companys Articles of Association as per the provisions of the Commercial Companies Law.
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