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Outcome of AGM 19.3.2018

Al Kamil Power KPCS 0.00% 0.18 0.00

Al Kamil Power Company SAOG is pleased to advise that the Annual General Meeting of the shareholders of the Company was held at 3:00 pm on 19 March 2018 at the Ibri & Sur Meeting Room, Sheraton Oman Hotel, Muscat. The shareholders (either in person or by proxy) who attended the Annual General Meeting represented 73.720 % of the capital of the Company.

The following resolutions were unanimously passed during the Annual General Meeting: 

 1. The Annual Report of the Board of Directors for the financial year ending 31 December 2017 was approved.

 2. The Corporate Governance Report of the Company and the Auditors’ Report thereon for the year ended 31 December 2017 were approved.

 3. The Auditors’ Report, Balance Sheet and Profit & Loss Accounts of the Company for the year ended 31 December 2017 were approved.

 4. The Board of Directors Appraisal Report for the year 2017 was approved.

 5. To authorise the Board of Directors to distribute cash dividend of upto 25% to be paid as follows:

A- Upto 15% (15 Baiza per share) in July 2018 from the retained earnings of the company as at 31 December 2017, to the shareholders who are registered with Muscat Clearing and Depository Company SAOC as at 30th June 2018 was approved.

(and)

B. Upto 10% (10 Baiza per share) in December 2018 from the retained earnings of the company as at 31 December 2017, to the shareholders who are registered with Muscat Clearing and Depository Company SAOC as at 30th November 2018 was approved.

 6. The sitting fees paid to the members of the Board of Directors, Audit Committee and Nomination and Remuneration Committee for the year 2017 was approved. The proposed directors’ sitting fees of RO 400 per meeting for attending the meetings of the Board of Directors, Audit Committee and Nomination and Remuneration Committee for 2018 was approved.

 7. The related party transactions during the year 2017 were approved.

 8. The donation given by the Company during 2017 was approved.

 9. Allocation of amount not exceeding RO 20,000 for social donation for the year ended 31st December 2018 was approved.

 10- The criteria to appraise the performance of the Board of Directors were approved.

 11. The proposal of the Board of Directors to appoint Keynote Services LLC to carry out annual appraisal of the performance of the Board of Directors during 2018 at a total fee of RO 2,000, was approved.

 12. KPMG, Chartered Accountants, was appointed Auditors for the financial year ending 31st December 2018 and their remuneration of RO 7,200 was approved.

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