Al Batinah 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 3 pm at the Capital Market Authority Meeting Hall. The shareholders (either in person or by proxy) who attended the AGM represented 84.0147% 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 10% of the paid up share capital of the Company (i.e., 10 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 charity expenses of RO 3,000 paid during the financial year 2015 was approved.
10. 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.
11. The following individuals were elected to the Board of Directors of the Company:
i. Catherine Lorgere Chouteau
ii. David Joseph Orford
iii. Guillaume Louis Leon Baudet
iv. Hachiman Yokoi
v. Hadi Said Humaid Al-Harthy
vi. Khalifa Mubarak Al Hinai
vii. Mohamed Amur Mohamed Al-Mamari
viii.Mohammad Ribhi Izzat AlHusseini
ix. Padmanabhan Ananthan
x. Takahito Iima
xi. Vinayendra Prasad
12. The participation of a director of the Company in the management of another company which is conducting business competitive to the business of the Company was approve.