News
2015-03-29
Disclosure: Resolution 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 2015 at the Nizwa and Bahla Hall at Muscat Intercontinental Hotel in Muscat:
1- The Board of Director’s report for the financial year ended 31 December 2014 was approved.
2- The Corporate Governance Report for the financial year ended 31 December 2014 was approved.
3- The Auditors’ Report and the financial statements (Financial Position and Comprehensive Income) for the financial year ended 31 December 2014 were approved.
4- The transactions and contracts entered into with the related parties during the financial year ended 31 December 2014 were approved. 5- The shareholders were notified on the proposed transactions and contracts with related parties during the financial year ending 31 December 2015.
6- The Board of Directors’ recommendation to distribute final cash dividends of 9.4% (nine Baisa and four tenth of Baisa per share), to the shareholders registered in the AOGM date, for the financial year ended 31 Dec 2014 was approved.
7- 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 2014 and determining the proposed fees payable for such meetings for the financial year ending 31 December 2015 were ratified.
8- The Directors’ remuneration of RO 131,000 for the financial year ended on 31 December 2014 was approved.
9- KPMG were appointed as Statutory Auditors for the financial year ending 31 December 2015 for a remuneration of RO 12,500.
10- 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.
