Khalifa issues decree to set up ADHSC as public joint stock company

ABU DHABI — The President, His Highness Shaikh Khalifa bin Zayed Al Nahyan, in his capacity as the Ruler of Abu Dhabi, has issued a decree, setting up the Abu Dhabi Health Services Company (ADHSC) as a public joint stock company. The new company, which shall be known as ‘sihha,’ shall be an independent corporate body, enjoying full legal status to practice its activities and to achieve its objectives. It shall also enjoy financial and administrative independence with its headquarters in Abu Dhabi. The branches of the new company may be opened inside or outside Abu Dhabi emirate by virtue of a decision by the company’s board, the decree states. The company shall have a capital of Dh1 billion distributed in same quantity of shares at a nominal value of Dh1 per share all of which shall be fully paid and owned by the government. Relinquishing of the company’s share shall be made only with the approval of the Abu Dhabi Executive Council. The decree also states that the company’s board shall establish for the company an ordinary and Extra-ordinary General Assembly which shall last for hundred years, beginning from the date of issuance of a decree by the finance minister announcing the establishment of those assemblies. The duration is renewable for same years unless an extraordinary meeting decision calls for the dissolution of the company. Source : Khaleedj