RAK Properties, the real estate development company set up by the investment and development office of Ras Al Khaimah Government, held its Constitution General Assembly Meeting (Thursday June, 2, 2005) at 11.00 a.m. at the Hilton Ras Al Khaimah.
The Founders Committee discussed various issues arising out of the successful Initial Public Offering amongst other operational and corporate governance procedures.
The Founders Committee presented a report on the incorporation and all associated costs, as well as the procedures of the IPO that provided details of the activities that helped in the successful execution of the IPO.
In addition, issues related to the listing of RAK Properties shares on the Abu Dhabi Stock Market were clarified and the listing will take place during next month. Founders discussed and approved various regulatory matters addressed by the Committee at the General Assembly. The names of the First Board Members that will lead over RAK Properties were announced and the final draft of the by-laws of the company was approved as well.
The approved Board of Directors includes Mohammed Omran as a chairman, Mubarak Al Humairi as a vice-chairman. The other board members are Mohammed Al Qadi, Mohammed Al Darie, Abdul Aziz Al Zaabi, Abdulla Yousef, Mohammed Raqeet and Nawaf Ghubash.
The Founders chose to hire KPMG as Auditors for the company and also decided on their fees, and there was a declaration of the official and final establishment of RAK Properties.
