A decree issued yesterday paved the way for setting up a company to manage ports in the country, while another decree converted the Qatar General Postal Corporation (Q-Post) into a Qatari shareholding company.
The capital of the two entities is to be based on their respective assets as existing a day prior to the issuance of the above decrees after proper auditing.
Their capital is to be denominated into shares, each with a nominal value of QR10, to be owned by the state of Qatar.
The companies will get their boards headed by chairmen at a later date and all their employees have to be retained with their present salaries and perks until the formation of the boards.
The companies have been established for a period of 50 years and their tenure can be extended thereafter based on the provisions of their by-laws.
Both the companies have been given the right to sign deals, enter into joint ventures and mergers and set up operations abroad as well, to carry out their duties. They will be allowed to launch subsidiaries and manage their investments independently.
While the postal company will provide all postal and related services in and outside the country, including money orders and sale of postage stamps, the ports management company will handle all port activities and services.
Both the companies have to share 25 percent of their net profits with the government annually as licensing and other fees, but for the first three years they will be exempted from doing so.
The Decree-Law No. 16 (of 2009) concerning the postal company and Decree-Law No. 17 (of 2009) setting up the ports management company were passed by the Deputy Emir and Heir Apparent, H H Sheikh Tamim bin Hamad Al Thani, yesterday, Qatar News Agency reported.
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