Baladna, Qatar’s largest locally-owned food and dairy supplier, held its annual general assembly meeting (AGM) on Wednesday that saw shareholders approving the Board of Directors’ proposal to distribute dividends at a rate of 5.3 percent of the nominal value of the share for the year 2021.
The General Assembly also approved the Chairman’s report on the company’s activities and the financial position for the financial year 2021, along with Baladna’s business outlook for the year 2022.
Additional resolutions included approval of the External Auditor’s report on the company’s financial statements, approval of the consolidated and audited financial statements, as well as of its Corporate Governance Report and Annual Report for 2021. The General Assembly also approved discharging members of the Board of Directors from any liability relating to their directorship duties and responsibilities for the financial year 2021, and approved the Board’s recommendation to award bonuses to the board members for the same time period. Furthermore, the AGM approved the appointment of Moore Stephens as Baladna’s auditors for the financial year 2022.
Baladna’s Extraordinary General Assembly Meeting authorized proposed amendments to the company’s Articles of Association (Articles 1, 23, 25, 29, 38, 43, 50, 54, 57, 64, 66, 77, and 92) in line with the provisions of Law No. 8 of 2021 amending the provisions of the Commercial Companies Law No. 11 of 2015. The Managing Director was delegated to sign the amended Articles and to assign the persons responsible for implementation.
Since 2017, Baladna has grown to be a leader in food and dairy supply, helping Qatar achieve self-sufficiency in milk and dairy. A 100% Qatari brand, Baladna positions itself as a national champion for Qatar and an active economic contributor on Qatar’s road towards sustainability, creating quality locally-sourced food products that can compete regionally and globally.