Ezdan BOD Approves Changing the Company s Legal Form into Holding Company

Doha, August 08 (QNA) - Ezdan Real Estate Company's Board of Directors (BOD) has approved changing the company's legal status, and converts it to a holding company (Ezdan Holding Group). The BOD has issued a recommendation to the General Assembly to approve this amendment and to authorize the board of directors to complete the necessary and relevant procedures in its ordinary and extraordinary meetings scheduled for 17/09/2012, the company said in a press release published today at Qatar Exchange (QE) website. The company's BOD has also issued a recommendation to the General Assembly to approve the sale of Ezdan Trading & Contracting Company to Sak Real Estate Group Company and to authorize the BOD to complete the sale process. It has as well recommended the General Assembly to obtain the required funds from banks to complete the targeted purchase of properties and companies and authorize the BOD to close the proceedings with banks. (QNA)