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      SMN POWER HOLDING

       Board of Directors resolutions’ disclosure 2 May 2018

      May 03, 2018 08:22 AM

      SMN Power Holding SAOG

      Board of Directors resolutions’ disclosure 2 May 2018

      Muscat, Oman, 3 May 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 (the “Board”) held on 2 May 2018:

      a)            Approval of the YTD 31 March 2018 Unaudited Separate Financial Statements of the Company.

      b)            Approval of the YTD 31 March 2018 Unaudited Consolidated Financial Statements of the Company.

      c)            Approval of the Board of Directors’ report for the 3-month period ended 31 March 2018.

       

      During the same Board meeting, the Directors also deliberated on the ongoing tax dispute with the Tax Department regarding the application of the finance lease principle for the tax years 2008 and 2009 of its subsidiary Al Rusail Power Company SAOC. The Board of Directors instructed the Management to submit an appeal to the Appeal Court against the decision of the Primary Commercial Court’s judgment dated 4th April 2018.

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