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Friday, April 19, 2024 21:50 GMT
Market heavyweight Industries Qatar (IQ) has convened an extraordinary general assembly meeting (EGM) on September 13 to seek shareholders’ approval for the purchase of 25% stake in Qatar Fertiliser Company (Qafco). In compliance with the instructions of Qatar to prevent all forms of gatherings amid efforts to contain the spread of Covid-19, the EGM will be held electronically to take shareholders’ approval for the stake purchase from Qatar Petroleum for US$1 billion. The meeting has been scheduled at 4:30pm.The effective date of the transaction would be January 1, 2020, until expiry of the new Gas Sale and Purchase Agreement. The purchase of QP’s stake in Qafco is consistent with IQ’s strategy to build its presence and create value across the downstream sector.At first, a Zoom application link will be sent electronically via e-mail to those shareholders, who expressed their interest in attending the meeting and whose contact details are received. Based on the link, the shareholders will be required to register for the meeting. On the completion of the registration process, the shareholder will be sent another link which will direct him/her to the virtual meeting room on the Zoom application platform. Registration process will start at 2:30pm Doha Time on the date of the meeting (Sunday, September 13, 2020).