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      SMN POWER HOLDING

       Disclosure of the resolutions of the Annual General Meeting (AGM) of SMN Power Holding SAOG.

      Mar 25, 2018 01:17 PM

      SMN Power Holding SAOG

      Annual General Meeting disclosure

      Disclosure of the resolutions of the Annual General Meeting (AGM) of SMN Power Holding SAOG.

      Muscat, Oman, 22 March 2018:

      SMN Power Holding SAOG is pleased to advise that the Annual General Meeting of the Company was held on Thursday 22 March 2018, at the CMA Business Hall, Muscat. The shareholders (either in person or by proxy) who attended the Annual General Meeting represented 76.32% of the share capital of the Company.

       

      The following resolutions were passed at the Annual General Meeting: 

       

      • The Board of Directors’ Report for the financial year ended 31 December 2017 was approved.

       

      • The report on Corporate Governance for the financial year ended 31 December 2017 was approved.

       

      • The Auditors’ report and the audited separate Balance Sheet and Profit and Loss Account of the Company for the financial year ended 31 December 2017 were approved.

       

      • The Auditors’ report and the audited consolidated Balance Sheet and Profit and Loss Account of the Company for the financial year ended 31 December 2017 were approved.
      • Related parties transactions carried out during the financial year ended 31 December 2017 were approved.

       

      • Proposed related parties transactions projected for the financial year ending 31 December 2018 were considered and approved.

       

      • The sitting fees of the Directors and Committees Meetings for the financial year ended on 31 December 2017 were approved.

       

      • The proposed sitting of the Directors and Committees Meetings fees for the financial year ending on 31 December 2018 were approved.

       

      • The proposal of the Board of Directors to declare cash dividend of 19% per share (19 baizes 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 Shareholders’ register with Muscat Clearance & Depository Company SAOC as at 1 May 2018 was approved.

       

      • The donation made by the Company for the financial year ended 31 December 2017 was approved.

       

      • An allocation of a budget of RO 30,000 towards corporate social responsibility initiatives for the financial year ending 31 December 2018 was approved.

       

      • The appointment of the independent consultant Keynote LLC to carry out the annual appraisal of the performance of the Board of Directors during the year ending 31 December 2018 was approved.

       

      • The criteria to appraise the performance of the Board of Directors were approved.

       

      • The Board of Directors’ Appraisal Report for the financial year 2017 was approved.

       

      • M/s PwC were appointed as Statutory Auditors of the Company for the financial year 2018 and their fees were approved.

       

       

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