Doha: Barwa Bank Extraordinary General Meeting (EGM) approved the proposed merger between Barwa Bank and International Bank of Qatar (IBQ) in accordance to the provisions of Article No. 278 of the Commercial Companies Law and the provisions of Qatar Central Bank Law No. 13 of 2012, taking into consideration the terms and conditions of the merger process and obtaining all necessary regulatory and supervisory approvals, and fulfilling all the conditions stipulated in the merger agreement between the two banks.
In addition, it was approved to increase the Bank’s authorised and paid-up capital from QR4bn and QR3bn respectively to QR5.234bn taking into consideration the terms and conditions of the merger. The amendment of Article (8) of the Bank’s Articles of Association in order to increase the Bank’s capital has been agreed. As well as the delegation to the Board of Directors or its appointees to adopt any decisions or take any measures that may be necessary to implement all or any of the resolutions provided and to sign any relevant documents and agreements.
During the meeting which was chaired by Chairman of the Board and Managing Director H E Sheikh Mohamed bin Hamad bin Jassim Al Thani with attendance of 85 percent of shareholders.
All subjects on the agenda were discussed and approved including converting the Bank into a Qatari private shareholding company in accordance with Article (207) of Qatari Law No. 11 of 2015.
In addition, the evaluation report issued on November 13, 2018 was accepted. The report was prepared by Moore Stephens & Associates, an independent evaluator appointed by the Ministry of Commerce and Industry.
The meeting further agreed to amend the Memorandum and the Articles of Association of the Bank.
