Dubai Taxi Co. Announces AGM with Key Amendments
Dubai Taxi Company PJSC is set to hold its Annual General Meeting with significant amendments to its Articles of Association.
Summary
Dubai Taxi Company PJSC has scheduled its AGM for March 19, 2025, with a key amendment to redefine the government shareholder entity.
Dubai Taxi Company PJSC, a leading provider of mobility solutions in Dubai, has announced its upcoming Annual General Meeting (AGM) scheduled for March 19, 2025. The meeting will be held at the Al Ras Ballroom, InterContinental Hotel, Dubai Festival City, with an option for electronic participation, reflecting the company's commitment to accessibility and modern governance.
The agenda for this AGM is particularly noteworthy as it includes a special resolution to amend the company's Articles of Association. The proposed amendment concerns Article No. 1, which redefines the 'Government Shareholder.' Previously, this was defined as the Department of Finance, representing the government's ownership in the company. The amendment proposes that any entity or person designated or appointed by the Government of Dubai can be recognized as the government shareholder. This change could potentially offer the company greater flexibility in its governance and ownership structure, aligning with Dubai's dynamic economic landscape.
Dubai Taxi Company, with its significant market share of approximately 44% as of June 2023, continues to dominate the taxi sector in Dubai. Its strategic expansion into various mobility services, including VIP limousine and last-mile delivery bike services, demonstrates a robust business model. The company's eco-friendly fleet and impressive operational metrics, such as the 44 million trips made between July 2022 and June 2023, underscore its operational strength and market leadership.
From a financial analysis perspective, the proposed amendment could be seen as a strategic move to enhance the company's adaptability and resilience in a rapidly evolving market. By allowing flexibility in the designation of its government shareholder, Dubai Taxi Company positions itself to better respond to regulatory and market changes, which is a positive indicator for potential investors.
Given the company's solid market position and its proactive approach to governance, a 'buy' recommendation could be considered for investors looking for stable growth in the mobility sector. The AGM and the proposed amendments reflect the company's forward-thinking strategy and its commitment to maintaining its leadership in the industry.
Source
Summary
Dubai Taxi Company P.J.S.C. invites its shareholders to the Annual General Meeting (AGM) on Wednesday, March 19, 2025, at 3:00 pm. The meeting will be held in person at the Al Ras ballroom, InterContinental Hotel, Dubai Festival City, Dubai, with an option for electronic participation. The agenda includes approving various reports and financial statements for the fiscal year ending December 31, 2024, discussing dividends and remuneration, and appointing auditors for 2025. A special resolution will address an amendment to the Company's Articles of Association. Shareholders must register electronically to attend and vote, with registration open from March 12 to March 19, 2025. Invitations and registration details will be sent via SMS and email by February 25, 2025.
Summary
In accordance with Clauses 1 and 2 of Article 40 of the SCA’s Corporate Governance Manual, shareholders are informed that they may delegate someone outside of the company's board members, employees, or securities brokerage employees to attend the general assembly on their behalf with a written delegation. This delegation allows the proxy to attend and vote, but they cannot represent more than 5% of the company's issued capital. Individuals lacking legal capacity should be represented by legal representatives. The shareholder's signature on the power of attorney must be approved by a notary public, a commercial or economic department in the UAE, a licensed bank or company (provided the agent has an account with them), licensed financial markets, or any other licensed attestation entity. The proxy form must include the shareholder's and brokerage firm's contact details, and the signature must be approved by one of the mentioned authorities.
Summary
The Dubai Taxi Company has received approval from the Securities and Commodities Authority to publish the invitation for its Annual General Meeting (AGM), scheduled for March 19, 2025, at 3:00 pm. The meeting will take place at the Al Ras Ballroom, InterContinental Hotel, Dubai Festival City, with an option for electronic participation. The meeting agenda includes a special resolution to amend the company's articles of association, specifically changing the definition of the government shareholder from the Department of Finance to any entity or person designated by the Government of Dubai. The invitation and agenda will be published in both Arabic and English in two daily newspapers, in accordance with regulatory requirements.
