Sharqiyah Desalination Resolutions Passed at the AGM 17.03.2014

18/03/2014 09:22 AST

Resolutions Passed at the Annual Ordinary General Meeting of Sharqiyah Desalination Company SAOG

The Annual Ordinary General Meeting of Sharqiyah Desalination Company SAOG ("the Company") was held on Monday, 17th March 2014 at 3.00 pm at the Capital Market Authority Hall, Ruwi, Sultanate of Oman.

For your reference, we now provide a summary of the events and decisions taken at the meeting:

1. The Directors' Report of the Board of Directors for the financial year ending 31stDecember 2013 was approved.
2.The Corporate Governance Report of the Company for the year ended 31st December 2013 was approved.
3. The Auditors' Report, Balance Sheet and Profit & Loss Accounts of the Company for the year ended 31st December 2013 were approved.
4. The general assembly of shareholders was advised of the transactions carried out by the Company with related parties during the financial year ended 31st December 2013.
5. The payment of a cash dividend of 153 baisas per share i.e. 15.3% of the issued share capital for the financial year ended 31 December 2013 was approved.
6. Sitting fees granted to the Board of Directors in the amount of RO 10,000 for the financial year ended 31st December 2013 was approved and sitting fees of RO. 500 per member per meeting was approved for the financial year ending 31st December 2014.
7. KPMG were appointed as external auditors of the Company for the year ending 31st December 2014 against the payment of remuneration of RO. 12,300.
8. Mr. Ali Khamis Mubarik Al Alawi and Mr. Mustapha Ahmed Salman were elected to be board of directors to fill the two vacant seats on the board of directors.

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