Ooredoo EGM to mull revision of article on assets sale

Multinational telecom operator Ooredoo will discuss amendment of Article 25 of the company's articles of association to expunge a key clause on sale of its assets at the Extraordinary General Assembly meeting to be held here March 29.
The Ordinary and Extraordinary General Assembly Meetings of the company will be held at 6.30pm at Four Seasons Hotel here, a Qatar Stock Exchange notification said Thursday.
Ooredoo's Article 25 currently reads: "The Board of Directors has all powers to manage the company, the board will pursue all actions required to manage the company according to its purposes. This power is limited only by the provisions of law or the Company's articles of association or the General Assembly's resolutions.
"The Board may not sell the company's assets or mortgage assets if the value of assets exceeds 20% of the company's capital without the permission of the General Assembly.
"The Board may delegate any of its powers to one or more committees from its members or to the Chairman of the Board or the Director General as deemed appropriate." The proposed amendment to Article 25 is expunging the second paragraph that prohibits the board from selling assets or mortgaged assets if the value exceeds 20% of the company's capital.
The meetings will also hear and approve the Board’s report for the financial year ended December 31, 2014, discuss other points on the agenda and future business plans.