Doha: The Extraordinary General Assembly Meeting of Qatar Quarries and Building Materials Company (QQBMC) has decided to reduce the company’s capital, said Qatar Navigation (Milaha) in filing to the Qatar Stock Exchange. Qatar Quarries and Building Materials Company is a subsidiary of Qatar Navigation.
Established in 2004, the principle activity of Qatar Quarries and Building Materials Company is importing gabbro mountain gravel and trading in building materials.
Milaha said that Qatar Quarries and Building Materials Company held its Extraordinary General Assembly meeting yesterday, whereas the Company’s shareholders approved the Board of Directors’ recommendation to reduce the company’s authorized and paid-up capital by an amount of QR44.5m, which is 47 percent, so that the company’s authorised and paid-up capital becomes QR50m with 5 million shares at a nominal value of QR10 per share, instead of QR94.5m with 9.45 million shares at a nominal value of QR10 per share.
This reduction came as a result of the capital exceeding the company’s requirements and in order for the capital structure to be aligned with the company’s future vision. Milaha’s actual ownership percentage in Qatar Quarries and Building Materials Company is approximately 50 percent of the company’s capital.
