Company News

2016-03-14

Resolutions of the Ordinary Annual General Meeting (AGM)

Al Suwadi 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 14 March 2016, at 5 pm at the Capital Market Authority Meeting Hall. The shareholders (either in person or by proxy) who attended the AGM represented 81.9622% 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 the balance sheet and profit and loss accounts for 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 May/June 2016 and November/December 2016 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 11% of the paid up share capital of the Company (i.e., 11 Baizas per share).

7. The sitting fees paid to directors for attending the Board meetings and Audit Committee meetings held during the financial year ended on 31 December 2015 were ratified, and the proposed fees payable for such meetings for the financial year ending 31 December 2016 were approved.

8. The appointment of M/s KPMG as the statutory auditors' for the financial year ending 31 December 2016 at a remuneration of RO 7,960 was approved.

9. The Company was authorized to give donations not exceeding RO 15,000 during the financial year ending 31 December 2016 as corporate social responsibility initiative.

10.The following individuals were elected to the Board of Directors of the Company:

i. Ali Abdullah Hamdan Al Khaburi
ii. Ali Taqi Ibrahim Al Lawati
iii. Asiya Ya'rub Majid Al Saifi
iv. Charles Paul Dexter
v. Gillian-Alexandre Huart
vi. Kazuichi Ikeda
vii. Mitsuo Nakamoto
viii. Rahul Kar
ix. Nair Santosh Unni 
x. Shawn Madore
xi. Yaqoub Harbi Salim Al-Harthi

11. The participation of two directors of the Company in the management of other companies which are conducting business competitive to the business of the Company was approved.