united power company ( SAOG )

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Resolutions of the Annual Ordinary General Meeting

United Power Company SAOG is pleased to inform the Muscat Securities Market and the investors’ community on the resolutions adopted in the AOGM held on 22 March 2016 at Sohar Hall at Muscat Intercontinental Hotel in Muscat:


1- Approval of the Board of Director’s report for the financial year ended 31 December 2015.        

 

2- Approval of the Corporate Governance Report for the financial year ended 31 December 2015.

 

3- Approval of the Auditors’ Report and approval of the financial statements (balance sheet and profit and loss account) for the financial year ended 31 December 2015.

 

4- Approval of the transactions and contracts entered into with the related parties during the financial year ended 31 December 2015.   

 

5- The shareholders were notified on the proposed transactions and contracts with related parties during the financial year ending 31 December 2016.

 

 6- Approval of the Board of Directors’ recommendation to distribute final cash dividends, to the shareholders registered at the AGM date, for the financial year ended 31 December 2015 as follows:

 

a. Holders of Ordinary Shares at 50% of the nominal value (500 Baisa per share).

b. Holders of Preference Shares at 54.5% of the nominal value (545 Baisa per share).

 

7- Ratification of the sitting fees paid to Board of Directors for the Board meetings and Audit Committee meetings held during the financial year ended on 31 December 2015. The proposed fees payable for such meetings for the financial year ending 31 December 2016 were determined.

 

8- Approval of the Directors’ remuneration of OMR 33,814 for the financial year ended on 31 December 2015.

 

9- Approval of the Board of Directors' recommendation to allocate OMR 30,000 (OMR Thirty thousand) for Corporate Social Responsibility activities for the year ending 31 December 2016.

 

10- BDO Jawad Habib LLC  were appointed as Statutory Auditors for the financial year ending 31 December 2016 for Fees  OMR 7,750 ( OMR Seven thousand and Seven hundred and fifty).

 

11- Mr. Steven Ruth was elected as a new member in the Board of Directors.