Company News

2015-03-29

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 Securities Market and the investor community that the Ordinary Annual General Meeting ("AGM") of the Company was held on 29 March 2015, at 3 pm at 'Al Bahja Hall' next to Jungle Restaurant, Qurum, Muscat. The shareholders (either in person or by proxy) who attended the AGM represented 81.684% 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 2014 was approved.

The Corporate Governance Report for the financial year ended 31 December 2014 was approved.

The Auditor's Report and the financial statements (balance sheet and income statement) for financial year ended 31 December 2014 were approved.

A member of the board of directors of the Company, was authorised to participate in the management of a company, which is conducting a business competitive to the business of the Company.

The related party transactions during the financial year ended 31 December 2014, as reflected in the audited financial statements for the financial year ended 31 December 2014 were approved.

The proposed related party transactions for the financial year ending 31 December 2015 were approved.

The Board of Directors' was authorized to determine and distribute cash dividends to the Shareholders of the Company in May/June 2015 and November/December 2015 out of the retained earnings as per the audited financial statements for the financial year ending 31 December 2014, provided that the aggregate amount shall not exceed 12% of the paid up share capital of the Company (i.e., 12 Baizas per share).

The sitting fees paid to directors for attending the Board meetings and Audit Committee meetings held during the financial year ended on 31 December 2014 were ratified and the proposed fees payable for such meetings for the financial year ending 31 December 2015 were approved.

M/s KPMG were appointed as the statutory auditors for the financial year ending 31 December 2015 at a fee of RO 7,725.