Disclosure: Resolutions of the Annual Ordinary General Meeting
Sohar Power Company SAOG is pleased to inform the Muscat Securities Market and the investors’ community on the resolutions adopted in the AOGM held on 29 March 2016 at Sohar Hall at Muscat Intercontinental Hotel in Muscat:
1- Approval of the Board of Director’s report for the financial year ended 31 December 2015.
2- Approval of the Corporate Governance Report for the financial year ended 31 December 2015.
3- Approval of the Auditors’ Report and approval of the financial statements (balance sheet and profit and loss account) for the financial year ended 31 December 2015.
4- Approval of the transactions and contracts entered into with the related parties during the financial year ended 31 December 2015.
5- The shareholders were notified on the proposed transactions and contracts with related parties during the financial year ending 31 December 2016.
6- The Board of Directors’ recommendation to distribute final cash dividends of 8.2% (Eigth Baisa and Two tenth of Baisa per share), to the shareholders registered in the AOGM date, for the financial year ended 31 Dec 2015 was approved.
7- The Board of Directors is authorized to distribute interim dividends in the month of August 2016 out of the Company’s retained earnings from the audited accounts for the period 1 January 2016 to 30 June 2016 subject to a ceiling of 4.132% of the issued capital (Baisa 4.132 per share).
8- The sitting fees paid to Board of Directors for the Board meetings and Audit Committee meetings held during the financial year ended on 31 December 2015 were ratified. The proposed fees payable for such meetings for the financial year ending 31 December 2016 were determined.
9- Approval of the Directors’ remuneration of OMR 99,000 (OMR Ninety nine thousand ) for the financial year ended on 31 December 2015.
10- BDO Jawad Habib LLC were appointed as Statutory Auditors for the financial year ending 31 December 2016 for fees of OMR 6,750 ( OMR Six Thousand Seven Hundred and Fifty).
11- Mr. Rodak Iqbal was elected as a new member in the Board of Directors.
12- The AOGM approved for the member of the Board of Directors Mr. Navneet Kasbekar to participate in the management of another company conducting competitive business to the business of the Company.