Sheikh Abdulla bin Ali bin Jabor Al Thani (left), Chairman of CBQ with Hussain Ibrahim Al Fardan, Vice Chairman and Managing Director CBQ during AGM held at Commercial Bank Plaza, yesterday. Pic: Abdul Basit/ The Peninsula
Shareholders of Commercial Bank of Qatar yesterday gave approval to the Board for all the agenda in the list at the Annual General Meeting (AGM), including nod for the issuance of certificates of deposit (CDs) for up to $5bn.
This is approval is related to one or more global programmes for the issue of certificates of deposit, US and / or European commercial paper in different currencies directly by the Company (rather than through an SPV) up to a maximum amount outstanding at any one time of $5bn or its equivalent in Qatari riyal with maximum maturity of up to five years less one day for any issues either through regular markets or in the form of a private placement.
The new approval was sought as a follow-up of the earlier granted approval of a CP / CD programme in the AGM held on March 23, 2016, the Company (through an SPV incorporated in the Cayman islands and guaranteed by the Company) established a Euro CP/ CD Programme however, no CP’s or CD’s were issued under this programme. Other important agenda in the list was to seek approval for the launch of a Global Medium Term Notes (GMTN) programme in compliance with 144a to allow for issuance into the US markets for up to $2bn or its equivalent in Qatari riyal with a maximum maturity of 30 years provided that they are issued regularly in the global markets or in the form of a private placement.
The shareholders also gave their nod to the Board of Directors recommendation for a bonus share pay-out of 5 percent, issue one bonus share for every twenty shares held.
“We have a five-year strategic plan, which our Chairman Sheikh Abdullah bin Ali bin Jabor Al Thani, just highlighted in his speech. We are executing it for the best interest of our shareholders”, Joseph Abraham, the newly-appointed CEO of Commercial Bank, told The Peninsula on the sidelines of the Bank’s Ordinary and Extraordinary General Assembly Meeting.
Abraham added: “We are putting in place more diversified lending strategy which aims at securing sustainable earnings. This diversification process is being executed across all sectors, geography and tenor.”
The shareholders also gave their nod for needful amendments in the Articles of Association of the Company, and to increase its capital by 5 percent from about QR3.85bn to about QR4.04bn by issuing bonus shares to the shareholders.
