We are pleased to inform you that the Board of Directors of United Power Company (SAOG) resolved the following in its meeting held on February 4, 2016
1- The Board approved the audited financial statements of the Company for the year ended 31 Dec 2015 along with the Board of Directors’ Report,
Management Discussion Analysis Report and Report on Code of Corporate Governance.
2- The Board recommended to distribute final cash dividends for the financial year ended 31/12/2015, subject to the approval of the Shareholders in the forthcoming AGM, as follows:
-Ordinary shareholders at 50% of the nominal value (500 Baiza for each share).
-Preference shareholders at 54.5 % of the nominal value (Baiza 545 for each share).
The entitlement of final dividends is for the Company’s shareholders registered with Muscat Clearing & Depository Company SAOC on the AGM date.
3- The Board of Directors of United Power Company and in accordance with the Company's Article of Association appointed Mr. Steven Ruth as a Temporary Director to fill the vacant seat in the Board of Director until the next Annual General Meeting.
4- The Board of Directors of United Power Company SAOG also resolved to appoint Mr. Mirdas bin Najeeb Al Rawahi as Chief Financial Officer of the Company as replacement of Mr. Syed Mohammed Tariq who left the Company for retirement.
Mr. Mirdas Al Rawahi holds a Bachelor of Commerce and Economics from Sultan Qaboos University and has cleared CPA exams from the American Institute of Certified Public Accountants
Mr. Mirdas Al Rawahi has 11 years of experience in Finance and accounts. Prior to joining us, he worked as Financial Controller for Takamul Investment Company SAOC. He also worked in Ernst & Young Muscat office in the fields of External and Internal Audit.