The inaugural general assembly of Marka, a public joint stock company under incorporation with a capital of AED500 million, ratified the Memorandum of Association and Articles of Association of the Company and approved the proposal submitted by the Founders Committee to appoint the Board of Directors of six members for a term of three (3) years.
The assembly agreed to seek the Ministry of Economy to declare the establishment of the company permanently as a public joint stock company. The inaugural meeting also approved the appointment of PricewaterhouseCoopers as the auditor for the company’s accounts for the period ending December 31, 2015.
Marka’s inaugural general assembly was concluded on June 2, 2014 at the Emirates Towers Hotel, Dubai, in the presence of shareholders who own 76.02% of the company’s shares, after it was postponed the day before for the lack of a quorum of 75% of shares.
A representative from the Securities and Commodities Authority, and a representative from PricewaterhouseCoopers, the company’s auditor during the formation period, attended the meeting.
The new BoD includes Jamal Al Hai, Chairman of Marka Founders Committee; Khalid Almheiri, Deputy Chairman of Marka Founders Committee, Executive Director and Founder, Evolvence Capital; Abubaker Seddiq Mohammed Al Khouri, Chairman of Aldar Properties; Jamal Abdullah Al Shaafar, Group Chief Executive, Masood; Hamad Abdullah Rashid Obaid Al Shamsi, CEO, Private Investment; and Mohamed Al Qahtani, Managing Director, Abwab Capital.
Jamal Al Hai chaired the company’s inaugural general assembly, which was also attended by Almheiri and Al Shaafar. Mahdi Mattar, CEO of CAPM Investment, the lead IPO manager of Marka, presented the Founders Committee’s report, which covers points from the foundation process until the date of the inaugural general assembly.
Al Hai thanked the concerned UAE authorities for their support in the establishment of Marka, led by the Securities and Commodities Authority (SCA), the Dubai Financial Market (DFM) and the Ministry of Economy. He also thanked the shareholders for their confidence in the founders of the company. Al Hai pointed out that the Founders Committee appointed a special committee to follow up the establishment procedures, to apply for the incorporation of the company to the SCA, and to complete the establishment of thecompany, in preparation for the listing of Marka’s shares on DFM soon.
The Founders Committee’s report showed that the objectives of the company are focused on investment in retail projects and retail sales operations (including but not limited to garments, sportswear, commodities, accessories, ornaments and decorations), food and beverage sector (including but not limited to all types of restaurants and cafes), and investment in activities directly or indirectly associated to the company’s activities.
The inaugural general assembly ratified the Founders Committee’s report for “the company’s formation process until the date of the inaugural general assembly,” and the auditor’s report for “expenditures and expenses incurred in the establishment process”.
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