DOHA: The Board of Directors has recommended the Qatar International Islamic Bank (QIIB) to amend an article of the Qatari bank’s articles of association in order to increase its number of board members.
QIIB’s Board of Directors at its 17th meeting for the year 2012 recommended to the shareholders’ extraordinary general assembly to amend Article 21 to increase the number of board members from nine to 11, a QIIB filing to Qatar Exchange noted yesterday.
The date of the extraordinary General Assembly will be decided after getting the necessary approvals.
Meanwhile, Qatari German Medical Devices Company (QGMD) has announced its Annual General Meeting will be held on December 19, 2012 at the Grand Heritage Hotel in Doha.
QGMD’s AGM scheduled for December 16 had been adjourned due to lack of quorum, the company said in a separate filing to the QE.
Fortune Oil to sell natural gas division to China Gas
Hong Kong: Fortune Oil Plc said it would sell its natural gas business to China Gas Holdings Ltd for $400m, giving it the option to raise its stake in China Gas and remain invested in the high-demand energy sector in the world’s second largest economy.
Fortune Oil held an 18.4 percent stake in China Gas as of November 16, primarily through a joint venture formed last year with one of the company’s founders.
China Gas, which sells liquefied petroleum gas and piped gas to residential and commercial users in China, will pay Fortune Oil $200m in cash on completion of the deal and a further $200m as deferred consideration.
The Peninsula/Reuters
