The Board of Directors of Al Batinah Power Company SAOG (the “Company”) has the pleasure to invite the respected shareholders to attend the Ordinary Annual General Meeting (“AGM”) of the Company to be held on Wednesday, 18 March 2020 at the Capital Market Authority Meeting Hall situated at Ruwi, Sultanate of Oman, at 3:00 pm, to discuss the following agenda.
However, in case the AGM was not held on the said date, the Company will hold a second AGM at the Company’s head office, Muscat Grand Mall, Flat No. 501,Building No. 5, Level 1 (South-East), Al-Khuwair, Sultanate of Oman at 4:00 pm on Wednesday, 25 March 2020 to discuss the same following agenda:
- To consider and approve the Board of Directors’ Report for the financial year ended 31 December 2019.
- To consider and approve the Corporate Governance Report for the financial year ended 31 December 2019.
- To consider the Auditors’ Report and to approve the financial statements (balance sheet and income statement) for the financial year ended 31 December 2019.
- To notify the General Meeting of the related party transactions during the financial year ended 31 December 2019.
- To authorize the Board of Directors’ to determine and distribute cash dividends to the Shareholders of the Company in June 2020 and December 2020 out of the retained earnings as per the audited financial statements for the financial year ended 31 December 2019, provided that the aggregate amount shall not exceed 7 Baizas per share.
- To ratify the sitting fees paid to directors for the Board and the Sub-Committees meetings held during the financial year ended 31 December 2019; and to determine the proposed sitting fees payable to directors for the Board and the Sub-Committees meetings for the financial year ending 31 December 2020.
- To consider and approve the distribution of the proposed remuneration for the Board members of a sum of RO 14,800 for the financial year ended 31 December 2019.
- To notify the General Meeting of the donations made by the Company on the account of corporate social responsibility during the financial year ended 31 December 2019.
- To consider and approve the allocation of an amount of RO 25,000 during the financial year ending 31 December 2020 as corporate social responsibility initiative.
- To elect and appoint one member of the Board of Directors to fill in one vacancy in the Board of Directors from amongst shareholders or non-shareholders.
- Approval of the criteria for performance appraisal of the board of directors.
- Appointment of an independent consultant for carrying out the appraisal for performance of the board of directors for the financial year ending 31 December 2020.
- To appoint Statutory Auditors for the financial year ending 31 December 2020 and determine their remuneration.
Any person who wishes to nominate himself/herself to the Board of Directors should complete a nomination form available with the Company. The nomination form can be obtained from the Company’s head office. The completed forms should be delivered to the Company at least two days minimum prior to the AGM date. Nomination forms received after 5pm on Sunday, 15th of March 2020 shall not be accepted.
According to the Articles of Association of the Company the Shareholders have the right to nominate a proxy to attend and vote on their behalf on decisions/resolutions of the meeting, such proxy must be on the proxy form attached to this agenda and notice. The natural shareholder shall enclose a copy of the ID card, or the passport copy for females and minors who don’t have an ID card, residence card or passport copy for non-Omanis along with the proxy form. The juristic shareholder’s proxy must be signed by an authorized signatory and sealed with entity’s stamp, and should be submitted along with a commercial registration certificate and the authorized signatories list.
Respected shareholders are requested to attend at the AGM venue half an hour before the meeting.
For further information, please contact Mr. Yusuke Koseki on telephone no.(+968)24393300.