Vodafone Qatar Changes its Financial Year to Start on January 1

20/10/2017 11:07 AST

Vodafone Qatar Company has announced that it has amended the company's financial year to start on January 1, instead of April 1, and end on December 31each year.

The company announced in a press release that the amendment decision came during an extraordinary meeting of the General Assembly held under the chairmanship of the company's CEO Ian Gray who said "the proposed changes to the Company's Articles of Association (AoA) will closer align the Company to other listed companies in Qatar, allow us to incorporate the recently issued Corporate Governance Rules for Companies and Legal Entities listed on the Stock Exchange issued by the Qatar Financial Markets Authority and enable us to set the company for future growth."

Vodafone Qatar clarified that it is considering various options for securing additional funds to grow the company. In order to provide security to a potential financier, additional wording to the Articles of the Company's AoA was proposed that would give it the necessary flexibility to do so.

Vodafone Qatar also said that the shareholders authorised the Chairman of the Board, the Vice Chairman, the Company's CEO or whomever they may delegate individually to complete the required formalities in relation to the AoA amendments, subject to obtaining the necessary regulatory approvals and to agree with the Qatar Financial Markets Authority on the changes required to comply with the new Corporate Governance Rules listed on the Stock Exchange. Vodafone Qatar P.Q.S.C. ("Vodafone Qatar") is part of the Vodafone Group, one of the world's largest telecommunications companies and is the holder of the Second Public Mobile and Fixed Telecommunications Networks and Services License in the State of Qatar.

Vodafone Qatar commenced commercial operations in Qatar on 1 March 2009. Having built a world class converged IP network, Vodafone launched fibre-based consumer and enterprise fixed-line services commercially in October 2012. Effective January 2015, Vodafone Qatar has become fully compliant with Islamic Sharia practices throughout its business, including commercial and financial operations.

QNA