Masraf Al Rayan to Seek General Assembly Approval for Foreign Bank Stake

Doha, February 03 (QNA) - Masraf Al Rayan will seek the approval of its assembly at its Extra-Ordinary General Meeting on February 18 on the acquisition of a strategic share in a commercial bank in Libya, according to a Qatar Exchange notification here Sunday. The acquisition of stake in the foreign bank is currently under financial and legal process, subject to approvals from authorities in both the countries. On the agenda for discussion at the EGM is the approval of Board of Directors report on Masraf Al Rayan's financial results for the fiscal year ended December 31, 2012 and the future plans of the bank. It will also mull the Shari'ah Supervisory Board report on compliance of Masraf Al Rayan to Shari'ah rules for fiscal year ended December 31, 2012. The approval of external auditors report on the balance sheet and income statement of Masraf Al Rayan as presented by the Board of Directors for the fiscal year ended December 31, 2012. Approval of recommendations of the Board of Directors regarding deductions and cash dividend of 10% of the nominal value of the shares, equivalent to 1 QR per share the fiscal year 2012. Absolve the chairman and members of Board of Directors from all responsibilities for the fiscal year ended December 31, 2012, fixing their remuneration for the year and approve the new guide of rules of compensation and the directors' remuneration. The assembly will also hear the Corporate Governance Report and the appointment of external auditors for fiscal year 2013 and to approve their fees. (QNA)