The EGM Endorses Items on Its Agenda
Widam Food Company announces the results of the EGM. The meeting was held on 08/06/2026 and the following resolution were approved:
- Following the hearing of the auditor’s report, the General Assembly approved the continuation of the Company and the reduction of the Company’s share capital from QAR 180,000,000 to QAR 50,000,000, divided into 50,000,000 shares with a nominal value of QAR 1 per share, through the cancellation of 130,000,000 shares amounting to QAR 130,000,000, representing 72.2% of the total share capital, in order to cover accumulated losses amounting to QAR 163,993,840. The General Assembly further authorized the Board of Directors to implement the capital reduction in accordance with the applicable procedures of the Qatar Stock Exchange, Edaa and the relevant regulatory authorities, and authorized the Board of Directors to deal with fractional shares resulting from the reduction, either by aggregating such fractions and paying their value from the Company’s account, selling them and distributing their value to the entitled shareholders, donating them to charitable associations, or by any other method deemed appropriate by the Board of Directors.
- The General Assembly approved the amendment of certain provisions of the Company’s Articles of Association, in particular Articles (Preamble, 5, 6, 9, 33, 37, 58 and 65), in accordance with the amendments published on the Company’s website, and the granting of certain privileges to Hassad Food Company Q.P.S.C. under the Company’s Articles of Association.
- The General Assembly approved the issuance of bonds against a loan in favour of Hassad Food Company Q.P.S.C. in the amount of QAR 30 million, for a term of six months, convertible into shares, in accordance with the loan agreement entered into between the parties.
- Based on the request of a shareholder owning 5% of the share capital, and pursuant to Articles 129 and 140 of the Commercial Companies Law, and following the approval of the Companies Affairs Department pursuant to letter no. (ش.ش/2026/734) dated 29/04/2026, the following item was added to the agenda of the Extraordinary General Assembly:
- “Approval of the increase of the Company’s share capital through the conversion of bonds amounting to QAR 30 million into shares in favour of Hassad Food Company Q.P.S.C., such that the Company’s total share capital following the increase shall become QAR 80,000,000, divided into 80,000,000 shares with a nominal value of QAR 1 per share, and the amendment of Articles (5) and (6) of the Company’s Articles of Association accordingly, and authorizing the Board of Directors to complete obtaining all necessary approvals from the competent authorities.”
The item was unanimously approved by the shareholders.
- “Approval of the amendment of Article (7) of the Articles of Association to exempt Hassad Food Company Q.P.S.C and the Government of the State of Qatar from the maximum ownership limit, and amendment of Article 7 of the Articles of Association accordingly, and authorizing the Board of Directors to complete obtaining all necessary approvals from the competent authorities.”
The shareholders approved the item.
- The Chairman of the Board of Directors, or any person authorized by him, was authorized to implement the resolutions of the Extraordinary General Assembly, complete obtaining all required approvals from the competent authorities, in particular the Ministry of Commerce and Industry and the Qatar Financial Markets Authority, sign the amendments to the Articles of Association, complete the procedures for amending the Commercial Registration, and sign all documents or applications required to implement the resolutions of the Extraordinary General Assembly.
