united power company ( SAOG )

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Disclosure: Resolutions of the Extraordinary General meeting (EGM) and Annual Ordinary General Meeting (AOGM)

United Power Company SAOG is pleased to inform the Muscat Securities Market and the investors’ community on the resolutions adopted in the Extraordinary General meeting (EGM) and Annual Ordinary General Meeting (AOGM)  held on 28 March 2017 at Ramada Hotel  Muscat :

 

Resolutions of the Extraordinary General meeting (EGM)

 

1-      Amendment to the Company's Article Association (Article 24) was approved.   

 

Annual Ordinary General Meeting (AOGM)

 

  1. The Board of Director’s report for the financial year ended 31 December 2016 was approved.

        

  1. The Corporate Governance Report for the financial year ended 31 December 2016 was approved.

 

  1. The Auditors’ Report and the financial statements (balance sheet and profit and loss account) for the financial year ended 31 December 2016 were approved with CMA and two shareholders reservation.

 

  1. Transactions and contracts entered into with the related parties during the financial year ended 31 December 2016 were notified.

 

  1. The shareholders approved on the proposed transactions and contracts with related parties during the financial year ending 31 December 2017.

 

  1. Sitting fees paid to Board of Directors for the Board meetings and Audit Committee meetings held during the financial year ended on 31 December 2016 were ratified. The proposed fees payable for such meetings for the financial year ending 31 December 2017 were determined. 

 

  1. The Board of Directors' recommendation to allocate up to OMR 30,000 (OMR Thirty thousand) for Corporate Social Responsibility activities for the year ending 31 December 2017 was approved.

 

  1. The criteria to appraise the Company's Board of Directors were approved.

 

  1. Keynote Services LLC were  appointed as Independent Firm to appraise the performance of the Company's Board of Directors and its members for the financial year ending 31 December 2017 for fees of OMR 2000 .

 

  1. BDO Jawad Habibwere appointed as  Statutory Auditors for the financial year ending 31 December 2017 for fees of OMR 6,000.  

 

  1. A new Board of Directors of 9 members was elected : 

 

 

Name of Member

Membership Status

Membership Nature

 

1

Mr. Murtadha Ahmed Sultan

In Personal Capacity 

Independent/ Non Shareholder

2

Mr. Bander Ahmed Allaf

Representing  Mannah Powerco Limited

Nominee/ Non Independent / Non Shareholder

3

Mr. Abdullah Mohammed

Al Ma’mari

Representing  Ministry of Defence Pension Fund

Nominee/ Independent / Non Shareholder

4

Mr. Grahame Farquhar

In Personal Capacity 

Independent/ Non Shareholder

5

Mr. Yaseen Hassan Ali Abdul Latif

In Personal Capacity 

Independent/ Non Shareholder

6

Mr. Hamad Lal Baksh Al balushi

In Personal Capacity 

Independent/ Non Shareholder

7

Mr. Sami Yahya Al Daghaishi

Representing  Civil Service Employees Pension Fund

Nominee/ Independent / Non Shareholder

8

Mr. Rayn Armand Zanin

Representing MGEC (Oman) Holding LTD

Nominee/ Non Independent / Non Shareholder

9

Mr. Fabrizio Bocciardi

In Personal Capacity 

Independent/ Non Shareholder