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Shareholders vote to turn Tamweel into public firm

Tamweel's shareholders have voted to convert the firm into a public joint stock company in an effort to transform it into one of the the largest property finance houses in the region.

  • Staff Report
  • Published: 00:00 May 3, 2006
  • Gulf News

Dubai: Tamweel's shareholders have voted to convert the firm into a public joint stock company in an effort to transform it into one of the the largest property finance houses in the region.

At the meeting, held on Saturday, members overwhelmingly voted for the measures, which they hope will raise the neccesary amount of capital required for growth and future expansion, increase the visibility and credibility of the company and for the company to enjoy the other advantages of public joint stock companies.

The second meeting was held by shareholders representing 51.3 per cent of the total shares outstanding and was chaired by Mohammad Khalfan Bin Kharbash, chairman of the founders committee.

The items on the meeting's agenda were discussed starting with a report by the founders committee on the formalities of converting the company into a public joint stock company and the expenses incurred in addition to the profits earned on the IPO proceedings.

The report was unanimously ratified.

Bin Kharbash then introduced the chairman and members of the first board of directors that was appointed by the founders for three years.

The board includes Shaikh Khaled Bin Zayed Bin Saqr Al Nahyan, chairman, Khalid Mohammad Al Kamda, vice chairman, Saad Mohammad Abdul Razzaq, Abdullah Ahmad Al Habbai, Ahmad Butti Al Mehairi, Ahmad Sultan Bin Sulayem, Wassim Akhtar Saifi as members.

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