DOHA: The GWC extraordinary assembly general meeting held yesterday passed the resolution to increase the foreign ownership limit to 49 percent of the company’s capital. The eleventh GWC ordinary and extraordinary assembly general meeting, chaired by GWC Chairman Sheikh Abdullah bin Fahad bin Jassem bin Jabor Al Thani, also approved the distribution of a dividend to shareholders at a rate of QR1.5 for each share, or 15 percent of the nominal value of the company’s shares.
The shares will be distributed either through direct deposit on February 16, or by visiting the branches of Masraf Al Rayan from February 17.
In light international participation in the Qatar Exchange reaching a rate of 20 – 25 percent of all daily trade activity, international interest in the company’s shares remains high. The increase of the limit allows for a more brisk trade of the company’s shares in emerging markets, as well as an increase in its liquidity, the meeting observed.
The company also ensured, with the approval of the Extraordinary General Assembly, the amendment of the company’s by-laws and Articles of Association in line with the provisions of the New Companies Act issued by the Ministry of Economy and Commerce No (11) for 2015.
This came after a thorough review of the company’s compliance with the Corporate Governance Code observed in the State of Qatar, as well as the assignment of KPMG as the appointed external auditor. The general assembly also cleared the company’s board members of any possible liability, setting the proper remuneration for the board.
“GWC has held strong to the position of leading logistics provider in the State of Qatar,” stated GWC Chairman Sheikh Abdulla bin Fahad bin Jassem bin Jabor Al Thani.“The company will continue to rely on the strength and stability made possible by our well-established infrastructure and by the loyalty of our client and highly skilled employee base.”
The announcement of the dividend followed a year of achievement for the company, many of which were enumerated at the meeting. The company’s Contract Logistics, Freight Forwarding, RMS and IMRS departments had captured the majority of the market share in the State of Qatar, while the addition of GWC Equestrian and UPS to the company’s service portfolio had already provided highly reliable returns.
Meanwhile, the GWC Sports logistics department had delivered the logistical requirements for nearly all the major sporting events in Doha during the year 2015.On the infrastructure front, the GWC Bu Sulba Logistics Park remains right on schedule for delivery in the first quarter of 2017.
The company had achieved net profits of QR 185.2m in 2015, which in comparison with the net profits listed for 2014 of QR 140.3m, was an increase of 32 percent. Additionally, the company’s earnings per share had reached QR 3.89 in 2015, whereas the earnings per shares for 2014 were QR2.95, indicating a growth in earnings per share of 32 percent.
This commitment to excellence has earned GWC widespread accolades, not least of which was winning the award for Leading Domestic Logistics Service Provider of the Year 2016 at the renowned GIL Global Best Practices Awards, held by Frost and Sullivan at Al-Khobr, Kingdom of Saudi Arabia just the week before the meeting.
GWC is the leading provider of logistics and supply chain solutions in the State of Qatar. Established as a Qatari shareholding company in 2004; the company offers high-quality warehousing and distribution services, hazmat logistics, freight forwarding, project logistics, sports and event logistics, equestrian logistics, fine art logistics, supply chain consulting, transportation management, records management, and door-to-door moving and relocation services.
The Peninsula
