QQBMC Obtains Shareholder Approval to Reduce Company’s Capital

Doha: The Extraordinary General Meeting of Qatar Quarries and Building Materials Company (QQBMC) has decided to reduce the capital of the company, Qatar Navigation (Milaha) said in a filing on the Qatar Stock Exchange. Qatar Quarries and Building Materials Company is a subsidiary of Qatar Navigation.

Established in 2004, the main business of Qatar Quarries and Building Materials Company is the import of mountain gabbro gravel and the trading of building materials.

Milaha said Qatar Quarries and Building Materials Company held its extraordinary general meeting yesterday, as the company’s shareholders approved the board’s recommendation to reduce the authorized and paid-up capital of the company by an amount of 44 .5 million QR, or 47%. , so the authorized and paid-up capital of the company becomes QR 50 million with 5 million shares with a par value of QR 10 per share, instead of QR 94.5 million with QR 9.45 million shares with a par value of QR 10 per share.

This reduction occurred due to capital exceeding the needs of the business and to align the capital structure with the future vision of the business. Milaha’s actual percentage ownership in Qatar Quarries and Building Materials Company is approximately 50% of the company’s equity.

Carol M. Barragan