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      SMN POWER HOLDING

       Board of Directors resolutions’ held on 22 February 2018

      Feb 24, 2018 02:05 PM

      SMN Power Holding SAOG

       

      Muscat, Oman, 22 February 2018: The Board of Directors of SMN Power Holding SAOG (“the Company”) is pleased to advise the Capital Market Authority, the Muscat Securities Market and the investors’ community that it has resolved the following at the meeting of the Board of Directors held on 22 February 2018:

       

      •  Approval of the notice for the AGM to be held on 22 March 2018 at CMA Business Hall, Business District, Ruwi, Muscat at 5.00 pm.

       

      The below resolutions will be recommended for approval by the Shareholders at the Annual General Meeting (AGM):

       

      • Approval of the audited separate financial statements of the Company for the 12-month period ended 31 December 2017.

       

      • Approval of the audited consolidated financial statements of the Company for the 12-month period ended 31 December 2017. The financial statements are available on the MSM website.

       

      • Approval of the transactions with related parties during the year ended 31 December 2017 and approval of the proposed transactions with related parties expected during the year ending 31 December 2018.

       

      • Approval of Board of Directors’ Report, Management Discussion and Analysis Report, Report on Corporate Governance and Corporate Social Responsibility Report for the year ended 31 December 2017.

       

      • Distribute a cash dividend of 19% per share (19 baizas per share) from the consolidated audited accounts of the Company for the year ended 31 December 2017, to the shareholders who are registered in the Company’s register with Muscat Clearing & Depository Company SAOC as on 1 May 2018.

       

      • Approval of allocation of a budget of Omani Rial 30,000 during the financial year ending 31 December 2018 as corporate social responsibility initiative.

       

      • To ratify the payments of sitting fees for the Board and Committees Meetings during the financial year 2017 and to determine the sitting fees and remuneration of the Board of Directors and Committees for the next financial year 2018.

       

      • To consider and approve the report for the performance appraisal of the Board of Directors carried out during 2017.

       

      • Approval to appoint an independent consultant to carry out annual appraisal for the performance of the Board of Directors during 31 December 2018.

       

      • Approval of the criteria to appraise the performance of the Board of Directors for the year 2018.

       

      • Approval of the Statutory Auditors and their fees for the year 2018.
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