Phoenix Power Company SAOG (the Company) is pleased to advise the Capital Market Authority, the Muscat Securities Market and the investor community that the Ordinary Annual General Meeting (AGM) of the Company was held on 31 March 2016, at 5 pm at Al Bahja Hall next to Jungle Restaurant and Rose Garden, situated at Building No. 9, Way No. 58, Qurm, Sultanate of Oman. The shareholders (either in person or by proxy) who attended the AGM represented 63.1738 % of the capital of the Company. The following resolutions were passed unanimously at the AGM:
1. The Board of Directors’ report for the financial year ended 31 December 2015 was approved.
2. The Corporate Governance Report for the financial year ended 31 December 2015 was approved.
3. The Auditors’ Report and financial statements (balance sheet and income statement) for the financial year ended 31 December 2015 were approved.
4. The related party transactions during the financial year ended 31 December 2015 were approved.
5. The proposed transactions and contracts with related parties during the financial year ending 31 December 2016 were approved.
6. The Board of Directors was authorized to determine and distribute cash dividends to the Shareholders of the Company in July 2016 and January 2017 out of the retained earnings as per the audited financial statements for the financial year ended 31 December 2015, provided that the aggregate amount shall not exceed 7.9% of the paid up share capital of the Company (i.e., 7.9 Baizas per share).
7. The appointment of Ernst & Young as the statutory auditors for the financial year ending 31 December 2016 at a remuneration of RO 8,500 was approved.