Company News

2022-03-15

Resolutions of the Ordinary Annual General Meeting (AGM)

Al Batinah Power Company SAOG (the Company) is pleased to advise the Capital Market Authority, the Muscat Stock Exchange and the investor community that the Ordinary Annual General Meeting (AGM) of the Company was held on 14th March 2022 at 3 pm at the meeting room “Diamond” at the Grand Millenium Muscat. The shareholders (either in person, online or by proxy) who attended the AGM represented 85.872% 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 2021 was approved.
• The Corporate Governance Report for the financial year ended 31 December 2021 was approved.
• The Auditors’ Report was considered and the financial statements (balance sheet and income statement) for financial year ended 31 December 2021 were approved.
• The related party transactions during the financial year ended 31 December 2021 were notified.
• The Board of Directors was authorized to determine and distribute cash dividends to the Shareholders of the Company in June 2022 and December 2022 out of the retained earnings as per the audited financial statements for the financial year ended 31 December 2021, provided that the aggregate amount shall not exceed 7.5 Baizas per share.
• The sitting fees paid to directors for the Board meetings, Audit Committee meetings and Nomination & Remuneration Committee meetings held during the financial year ended 31 December 2021 were ratified, and the proposed sitting fees payable to directors for Board meetings, Audit Committee meetings, and Nomination & Remuneration Committee meetings for the financial year ending 31 December 2022 were approved.
• The proposed remuneration for the Board members of a sum of RO 17,200 for the financial year ended 31 December 2021 was approved.
• The donations made by the Company on the account of corporate social responsibility during the financial year ended 31 December 2021 were notified.
• The allocation of an amount of RO 50,000 during the financial year ending 31 December 2022 as corporate social responsibility initiative was approved.
• The following individuals were elected to the Board of Directors of the Company:
  i. Mr. Boris Max Smondack
• ii. Mr. Muhammad Fawad Akhtar
• iii. Mr. Khalil Ahmed Abdullah Al Harthy
• iv. Mr. Mohammed Amur Mohammed Al-Mamari
• v. Mr. Pradeep Asrani
• vi. Mr. Pradeep Prabhakar Navre
• vii. Mr. Ryuji Kikuchi
• viii. Mr. Sami Nasser Badr Al Riyami
• ix. Mr. Shabib Abdullah Mohamed Al Busaidi
• x. Mr. So Murakami
• xi. Mr. Yasser Mohammed Kheir
• The appointment of KPMG as the statutory auditors for the financial year ending 31 December 2022 at a remuneration of RO 16,960 was approved.
• The report for the performance appraisal of the Board of Directors carried out during year 2021 was approved.