Resolutions of the Ordinary Annual General Meeting (AGM)
19 Mar 2018
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 19 March 2018, at 3 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 73.22 % of the capital of the Company. The following resolutions were passed unanimously at the AGM:
- The Board of Directors’ report for the financial year ended 31 December 2017 was approved.
- The Corporate Governance Report for the financial year ended 31 December 2017 was approved.
- The Auditors’ Report and financial statements (balance sheet and income statement) for the financial year ended 31 December 2017 were approved.
- The related party transactions during the financial year ended 31 December 2017 were notified.
- The proposed transactions with related parties during the financial year ending 31 December 2018 were approved.
- The Board of Directors was authorized to determine and distribute cash dividends to the Shareholders of the Company in July 2018 and January 2019 out of the retained earnings as per the audited financial statements for the financial year ended 31 December 2017, provided that the aggregate amount shall not exceed 4.8% of the paid up share capital of the Company (i.e., 4.8 Baizas per share).
- The activities in relation to the Corporate Social Responsibility for the financial year ended 31 December 2017 were notified.
- The allocation of an amount of RO 30,000 in relation to the Corporate Social Responsibility for the financial year ending 31 December 2018 were approved.
- The report for the performance appraisal of the Board of Directors carried out during 2017 was approved.
- The appointment of MGI-Vision as the Independent third party for the appraisal for the Board of Directors for the financial year ending 31 December 2018 at a remuneration of RO 1,900 was approved.
- The appointment of KPMG as the statutory auditors for the financial year ending 31 December 2018 at a remuneration of RO 10,400 was approved.
