Omantel board approves 70% cash dividend

25/03/2018 07:55 AST

The Extraordinary General Meeting of Oman Telecommunications Company (Omantel), was held at the company's headquarters on Thursday.

It was presided by the vice-chairman of Omantel Saud bin Ahmed Al Nahari, who approved granting of guarantees and transactions related to the Oztel Holdings SPC Limited, a wholly owned subsidiary of Omantel, to finance the acquisition of 21.9 per cent strategic share in Zain. The EGM was also attended by the board members, auditors and legal consultant among others.

Cash dividend

The EGM was followed by the annual general meeting (AGM) of Omantel, where the proposal to distribute a total cash dividend of 70 per cent of the paid up capital (70 baisas per share) was approved.

Omantel AGM also approved the report of the Board of Directors for the fiscal year ended on December 31, 2017. Further, the evaluation report, the corporate governance report and the profit and loss account and balance sheet for the fiscal year ended on December 31, 2017, was also approved.

The AGM further approved the Board Members' remuneration for the fiscal year ended on December 31, 2017. The board also determined the sitting fees for the next fiscal year ending on December 31, 2018. The board also has taken note of the company's transactions with related parties during the fiscal year ended on December 31, 2017 and the donations made for community support and CSR during 2017. The AGM also approved the proposed donations for community support amounting to OMR500,000 for the fiscal year ending on December 31, 2018 and the appointment of independent auditors for the next fiscal year ending on December 31, 2018 and determined their fees.

It has also approved the appointment of an independent office to assess the Board of Director's performance for the financial year ending on December 31, 2018 and approved their fees.

In February, Omantel's Board of Directors has approved the audited results of the company for year 2017. Omantel recorded an increase of 44.7 per cent in revenue reaching OMR751.7 million compared to OMR519.4 million in 2016.

Times of Oman