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Feb 25, 2018 | 01:50PMAL BATINAH HOTELS
Company
Annual General Meeting's Agenda

The Board of Directors Al Batinah Hotels Co (SAOG) is pleased to invite all the Shareholders of the Company to attend the  Annual Ordinary General Meeting to be held at 5 PM on Monday , 12th March 2018 at Grand Hormuz -to discuss Following Agenda :

1 -To review and approve the Board of Directors Report for the financial year ending on 31 December 2017.

2-To review and approve the report of independent party on the performance of the Board of Directors for the financial year ended 31/12/2017.

3- To review and approve the Corporate Governance Report for the financial year ending on 31 December 2017.

4- To review and adopt the Auditors Report, and the statement of financial position and statement of comprehensive income for the financial year ending 31 December 2017. 

5- To approve the sitting fees of the Directors and Audit committee for 2017 and fix the sitting fees for the new financial year ending 31 December 2018 .

6- To elect new members of the Board of Directors from the shareholders or non-shareholders. Any person willing to nominate himself/ herself for the Board of Directors, may fill out the Nomination Form prepared for this purpose and submit it to the Company at least two working days before the Annual General Meeting i.e. not later than the closing business hours on Wednesday 7 March 2018. Any Nomination Form submitted after this deadline will not be accepted. If the candidate is a shareholder, the candidate is required, in accordance with the company’s article of association, to own two hundred thousand (1000) shares of the company at the Annual General Meeting date.

7- Appointment of the Auditors for the financial year ending on 31 December 2018 and fix their fees.

8- Approval of measure the performance of the Board of Directors.

9- Appointment of impartial and independent third party of appraising the performance of the Board of Directors and determine their fees. 

 

 In accordance with the Articles of Association of the Company, any shareholder may appoint a representative by proxy to vote on his behalf on decisions taken; the proxy must be on a proxy form issued by Muscat Depository and Clearance Company attached with the invitation. For natural person, copy of identity card of adults must be attached with the proxy form, passport copy for women and minor who are not holding identity card and residence card or passport copy for non-Omani. For legal person, proxy form must be signed by one of the authorized signatories and stamp with company’s seal enclosing copy of commercial registration and copy of specimen signatories.  

Please attend to the meeting venue at least half-an hour before the meeting.

 

If you have any queries, you may please contact Mr. Moosa Al Amri Tel.95456022.

 

 

Legal Consultant                     External Auditor       Chairman of the Board of Director

Feb 25, 2018 | 01:28PMOMAN CERAMIC COMPANY
Company
Notice to Shareholders-AGM Agenda

Notice to Shareholders

 

The Board of Directors of Oman Ceramics SAOG  is pleased to invite the Company’s shareholders to attend  the company’s ordinary Annual General Meetings,  to be held at 5 PM, on Tuesday ,  March 13  2018 in Radisson Blu Hotel Muscat to discuss the following Agenda:

1-    To consider and approve the Board of Directors’ report for the financial year ended December 31, 2017.

2-    To consider and Approval of the Board of Directors performance report for the financial year ended 31/12/2017.

3-    To consider and approve the corporate governance report for the financial year ended December 31, 2017.

4-      To consider the Auditors’ Report and to approve the Financial Statements Balance Sheet and Profit & Loss Account, for the financial year ended on December 31, 2017.

 

5-    To approve the sitting fees of the Board meetings paid to the Board members for previous financial year, and to determine the sitting fees for the next fiscal year.

6-        To consider and approve the company’s transactions with related parties during the financial year ending on December 31, 2017.

7-        To consider and approve the company’s transactions with related parties during the financial year ending on December 31, 2018.

8-        To discuss and approve the proposed allocation of RO 5,000 to fulfill the company’s social responsibilities for the year ending on December 31, 2018.

9-    To Approve the criteria for measuring the performance of the Board of Directors for the financial year ending December 31, 2018.

10- To appoint an independent entity to evaluate the performance of the Board of directors for the fiscal year ending on December 31, 2018, and determine their fee.

11-     To elect a new Board of Directors for the Company from amongst Shareholders or non-shareholders. Any person who wishes to be nominated to the Board of Directors of the Company is required to fill in a Director’s Nomination Form. Such a form can be obtained from the Company. The completed Form should be delivered to the Company at least two (2) business days prior to the date of the Annual Ordinary General Meeting of the Company (by the end of business hours on Thursday March 8th 2018). The Company will not accept any application received after this date. If the candidate is a shareholder, according to the company’s Articles of Association of, he/she should own (20,000) shares at the date of the meeting.

12- The appointment of the Auditors for the Company for the financial year ending December 31, 2018.

 

Accordance with the Company’s Articles of Association, any shareholder is entitle to authorize in writing any other person to attend the meeting and vote on its  decisions on his behalf, provided the authorization is made from the authorization card attached to the invitation. Natural persons should attach ID (for adults) or a copy of the passport (for ladies and minors) or residence card and passport for non-Omanis. For juristic persons, the authorization should be signed by any authorized signatory. The authorization form should carry the stamp of the company and include a copy of the commercial registration of the company and specimen of the authorized signature.

Shareholders are requested to arrive about half an hour before the scheduled meeting time.

For further information please contact Mr. Khalid Said Salim Al Muqeemi on 26751317 / 26751332

 

Feb 25, 2018 | 11:05AMNATIONAL ALUMINIUM PRODUCTS
Company
Reasons of share escalations for NAPCO

Reference to MSM letter dated 22/Feb/2018 regarding the rise of share price, we would like to confirm the following:- 

There are no unfamiliar reasons for share escalations except what was declared in January, 2018 and the results that reflected net profit in Q4, of 2017 which has participated in reduction of losses which was announced upto September, 2017.

 

Feb 25, 2018 | 09:15AMNATIONAL LIFE & GENERAL INS
Company
ANNUAL AUDITED RESULTS AND PROPOSED DIVIDENDS FOR THE YEAR 2017

The Board of Directors of National Life And General Insurance Company SAOG (NLGIC) in its meeting on Thursday, the 22nd of February 2018 approved the following:

(i)  Annual Audited Parent Company and Consolidated Financial Statements for the year ended 31 December 2017

(ii) Corporate Governance Report for the year ended 31st December 2017

(iii) Directors’ Report for the year ended 31st December 2017

(iv) Management Discussion and Analysis Report for the year ended 31st December 2017

(v) Ministerial Returns for the year ended 31st December 2017 as per CMA regulations

(vi) Other related documents as required under regulations

 

NLGIC achieved a Profit after Tax of RO 8.4m for the year ended 31 December 2017 as compared to RO 4.7m in the previous year.

 

The Board has proposed cash dividend of 15.86% of share capital RO 26.5 million  (RO 0.01586 per share) to the shareholders from accumulated retained earnings for the financial year ended 31st December 2017 to be approved by the shareholders in the Annual General Meeting scheduled on Wednesday the 28th of March 2018.

Feb 25, 2018 | 08:59AMOMAN CERAMIC COMPANY
Company
Upload of Audited financial statements for the year ended 31 December 2017

This is to inform shareholders that Oman Ceramics Co SAOG has uploaded Audited Financial Statements for the year ended 31 December 2017 on MSM Web Site.

Feb 25, 2018 | 08:42AMRAYSUT CEMENT
Company
Invitation to attend the Annual Ordinary General Meeting

The Board of Directors Raysut Cement Company (SAOG) is pleased to invite all the Shareholders of the Company to attend the  Annual Ordinary General Meeting to be held at 3 PM on Tuesday , 13th March 2018 at Hilton Salalah Resort  - Albalid Ballroom -to discuss Following Agenda :

  1 -To review and approve the Board of Directors Report for the financial year ending on 31 December 2017.

2-To review and approve the report of independent party on the performance of the Board of Directors for the financial year ended 31/12/2017.

3- To review and approve the Corporate Governance Report for the financial year ending on 31 December 2017.

4- To review and adopt the Auditors Report, and the statement of financial position and statement of comprehensive income for the financial year ending 31 December 2017. 

5- To review and approve the Board of Directors recommendation to distribute cash dividends at the rate of 29% of the paid up capital of the company (being 29 Balsa per share).

6- To approve the sitting fees of the Directors and Audit committee for 2017 and fix the sitting fees for the new financial year ending 31 December 2018 .

7- To review and approve the Board of Directors’ remuneration of RO 151,500 for the financial year 2017.

8-To inform the shareholders about the Related party transaction for the financial year ending on 31 December 2017.

9- To review and approve the proposed related Party Transaction during the financial year ending 31 December 2018.

10- To inform the shareholders of the donations paid during 2017.

11- To review and approve donations to be paid by Board of Directors at RO 200,000 during the financial year 2018.

12- To elect new members of the Board of Directors from the shareholders or non-shareholders. Any person willing to nominate himself/ herself for the Board of Directors, may fill out the Nomination Form prepared for this purpose and submit it to the Company at least two working days before the Annual General Meeting i.e. not later than the closing business hours on Thursday 8 March 2018. Any Nomination Form submitted after this deadline will not be accepted. If the candidate is a shareholder, the candidate is required, in accordance with the company’s article of association, to own two hundred thousand (200.000) shares of the company at the Annual General Meeting date.

13- Appointment of the Auditors for the financial year ending on 31 December 2018 and fix their fees.

14- Approval of measure the performance of the Board of Directors.

15- Appointment of impartial and independent third party of appraising the performance of the Board of Directors and determine their fees. 

 

 In accordance with the Articles of Association of the Company, any shareholder may appoint a representative by proxy to vote on his behalf on decisions taken; the proxy must be on a proxy form issued by Muscat Depository and Clearance Company attached with the invitation. For natural person, copy of identity card of adults must be attached with the proxy form, passport copy for women and minor who are not holding identity card and residence card or passport copy for non-Omani. For legal person, proxy form must be signed by one of the authorized signatories and stamp with company’s seal enclosing copy of commercial registration and copy of specimen signatories.  

Please attend to the meeting venue at least half-an hour before the meeting.

 

If you have any queries, you may please contact Mr. Tawfiq Abdull Rahman Tel.95081995.

 

Important Notice:

Raysut Cement Company (SAOG) shall deposit amounts due to the shareholders, which have not been claimed by them after the expiry of six months of the due date with the Investors Trust Fund. Therefore, each shareholder is kindly requested to check with Muscat Depository and Securities Registration Company situated at Muscat Securities building in order to enquire about any amounts, which may be due to him.

 

Legal Consultant                     External Auditor       Chairman of the Board of Director

Feb 25, 2018 | 08:00AMNAT. PHARMACEUTICAL IND.
Company
Summary of decision taken in the Annual General Meeting held on 22.02.2018

Summary of decision taken in the Annual General Meeting held on 22.02.2018:

  

Agenda No.1 :  Consideration and approval of the Report of the Board of Directors  for the Financial year ended on 31-12-2017

             Resolution: Approved

 

Agenda No.2: Consideration and approval of the Board of Directors performance report for the financial year ended on 31-12-2017

          Resolution: Approved

 

Agenda No.3: Consideration and approval of Report on Corporate Governance for the financial year ended on 31-12-2017

          Resolution: Approved

 

Agenda No.4: Consideration of the Auditor’s Report and approval of the Balance Sheet and Profit & Loss Account for the financial year ended on 31- 12-2017.

         Resolution: Approved

AgendaNo.5: Consideration and approval of a proposal to distribute cash dividend at the rate of 5% of the capital i.e. 5 baize per share.

             Resolution: Approved

 

Agenda No. 6: Consideration and approval of Directors’ sitting fees for the year 2017 and to specify the Directors’ sitting fees for the year 2018.

           Resolution: Approved

 

Agenda No.7 Consider and approval of the transactions, the company will enter into with Related Parties for the financial year ending on 31-12-2018.

            Resolution: Approved

 

Agenda No. 8: Consideration and approval of an amount spent for the company’s Social responsibilities for the financial year -2017.

 Resolution: Approved

 Agenda No. 9: Consideration and approval a proposal to allocate the amount of R.O. 5,000/- for the local society for the financial year -2018

                Resolution: Approved

 

Agenda No.10: Approve the criteria for evaluation of performance of the Board and its Members.

            Resolution:  Approved

 

Agenda No.11: Appoint the independent expert to evaluate the performance of the board for the year ending 2018 and their Fees

                   Resolution: M/s. Keynote Services LLC wereappointed for 2018 and their fee fixed as RO 2,300.

 

Agenda No.12: Appoint the Auditors of the company for the financial year ending 31-12-2018 and their fees.

Resolution:  M/s. BDO Jawad Habib Were appointed as auditors for -2018 and their fee fixed as RO 4,100.

Feb 24, 2018 | 02:05PMSMN POWER HOLDING
Company
Board of Directors resolutions’ held on 22 February 2018

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.
Feb 24, 2018 | 11:36AMGULF HOTELS (OMAN)
Company
Upload of Audited financial statements for the financial year ended 31/12/2017

Please be informed that the audited financial statements of the company for the financial year ended 31 December 2017 have been uploaded on the company file on MSM Web Site.

Feb 23, 2018 | 03:53PMSALALAH PORT SERVICES
Company
Proposed dividend for the year 2017

The Board of Directors in their meeting held on 22nd February 2018   proposed a cash dividend distribution of  15% on the paid up equity capital of the Company for the financial year ended 31st December 2017 subject to approval of the shareholders at the Annual General Meeting to be held on 22nd March 2018.

Further, the audited consolidated financial statements of the company for the financial year 2017 were approved by the Board of Directors.

Particulars

2017

(RO'000)

2016

(RO'000)

Total Revenue

57,028

54,872

Total Expenses

51,817

49,146

Net Profit after tax

5,211

5,726

Total Assets

100,778

102,791

Feb 23, 2018 | 11:29AMRAYSUT CEMENT
Company
Upload the Audited Financial Statements and Reports for the year 2017

This is to inform you that Raysut Cement Company (SAOG) sent the Audited Financial Statements, Auditors Reports and other Reports for the year ended on 31st.December 2017 to MSM website through the electronic transmission system.

 

  

Ghose Jotirmoy Pratul Krishna

Chief Executive Officer

Feb 22, 2018 | 05:31PMSOHAR POWER
Company
Resolution of the Board of Directors

We are pleased to inform you  that the Board of Directors of Sohar Power Company (SAOG) resolved  the following  in its meeting held on February 22, 2017:

 

1- The Board approved the audited financial statements of the Company for the year ended 31 Dec 2017 along with the Board of Directors’ Report, Management Discussion Analysis Report and Report on Code of Corporate Governance.  

 

 

2- The Board decided to appoint Mr. Wim Alan as a Temporary member in the Board of Directors (Non-independent). This appointment shell be presented to the next general meeting for approval.

 

Mr. Wim Alan has over 20 years of combined experience in Investment, Financial, Asset Management and Audit.

Feb 22, 2018 | 04:07PMVISION INSURANCE
Company
Important Decisions taken in Board Meeting dated February 22, 2018

 

1-       Approval of Audited Financials 2017

The Board of Directors of Vision Insurance SAOG have approved the Audited Financial Statements of the Company for the year ended December 31, 2017 at the Board Meeting held on February 22, 2018. The results in summary are as stated below:

 

Particulars

December 31, 2017 (Audited)

December 31, 2016 (Audited)

Change%

 

(R.O)

(R.O)

 

Gross Written Premium

                 26,004,492

        22,150,061

17%

Net Underwriting Surplus before Management Expenses

                   3,821,071

          3,016,916

27%

Investment Income

                      752,481

             285,329

164%

Other Income

                      149,594

             153,982

-3%

General & Administrative Expenses

                 (2,569,151)

        (2,201,424)

17%

Profit for the period (before Income Tax)

                 2,153,995

       1,254,803

72%

Provision for Taxation

                    (332,024)

           (135,570)

145%

Net Profit for the period (after Income Tax)

                 1,821,971

       1,119,233

63%

 

 

 

 

Net change in fair value of available for sales Investments
and Impairment in Investments

                    (413,530)

             331,444

-225%

Total comprehensive income for the period

                   1,408,441

          1,450,677

-3%

EPS based on weighted average number of shares outstanding at
December 31

                         0.021

               0.019

 

Net Asset Value Per Share
2017 - Based on Paid Up Capital of RO 10 Million
2016 - Based on Paid Up Capital of RO 5.50 Million

                         0.140

               0.162

 

 

2-       Approval of Dividend for 2017

The Board of Directors also recommended payment of  14% Cash Dividends (being 14 Baiza per share) on the Paid Up Share Capital of the Company as at December 31, 2017. The recommendation will be subject to approval of the shareholders in the AGM of the Company scheduled on March 26, 2018.

 

Mujtaba Shaban 

Secretary to Board 

Feb 22, 2018 | 09:24AMTAKAFUL OMAN INSURANCE
Company
The audited Financial Results for the Financial Year Ended on 31/12/2017

Please be informed that the audited financial statements of the company for the financial year ended 31 December 2017 have been uploaded on the company file on MSM Website.

Feb 22, 2018 | 09:23AMOMAN TELECOMMUNICATION
Company
Omantel Board approves the Company’s audited financial results and proposes cash dividends

Following the disclosure made on 18/2/2018 regarding the unaudited results Oman Telecommunications Company S.A.O.G (Omantel Group), we would like to inform that the Board of Directors of Omantel met on Wednesday, 21/02/2018 and approved the audited results of the group for the period ended 31/12/2017, as disclosed on 18 Feb 2018.

The board has decided to propose to the Annual General Meeting of the company to distribute cash dividends of 50% (50 Baiza per share) to shareholders. This is in addition to the interim dividend of 20% (20 Baiza per share) paid to shareholders in August 2017. Accordingly, the total aggregated distribution amounts to 70% of the company paid up capital.

The Board also decided to invite the Company’s shareholders to an Extra-ordinary General Meeting to be held along with the Annual General Meeting to discuss and approve issuing a guarantee for the issuance of a dominated bonds not exceeding US $ 2 billion in the international capital markets by a subsidiary of Omantel. The proceeds of these bonds will be used to repay the loan facilities obtained by Omantel to acquire a controlling stake of 21.9% in Zain Kuwait.

Feb 22, 2018 | 09:21AMNATIONAL SECURITIES
Company
INVITATION FOR EXTRA ORDINARY GENERAL MEETING & ORDINARY ANNUAL GENERAL MEETING

The Board of Directors of National Securities Co. SAOG has the pleasure to invite all shareholders to attend the Extra Ordinary General Meeting & the Ordinary Annual General Meeting to be held at company’s head office at Al-Qurum, on Monday March 12, 2018 at 5.00 PM to consider the following agenda:

First: Extra Ordinary General Meeting

1

Study the situation of the troubled company and take the necessary measures in this regard in accordance with the proposal of the Board of Directors.

2

To consider and approve amendment of some articles of the company’s articles of association.

Second: Ordinary Annual General Meeting

1

Consider and approve the Board of Directors Report for the financial year ended 31st December 2017.

 

Consider and approve the report on measuring the performance of the Board of Directors for the financial year ended 31st December 2017.

3

Consider and approve the corporate governance report for the financial year ended 31st December 2017.

4

Consider and approve the auditor's report, the profit and loss account, and the balance sheet for the financial year ended 31st December 2017.

5

Consider and approve sitting fees of the Directors and subcommittees for the financial year ended 31st December 2017, and fixing fees for the next financial year.

6

Inform the shareholders of the Related party Transactions for the financial year ended 31st December 2017.

7

Inform the shareholders of the donations for charitable purposes during the financial year ended 31st December 2017.

8

To authorize the Board a limit of RO 5,000/- to be made as donation for charitable purposes during the next financial year.

9

Consider and approve the agreed upon procedures to measures the performance of the Board of Directors for the financial year ending 31st Dec 2018.

10

Appointment of impartial and independent third party for appraising the performance of the Board for the financial year ending 31st December 2018.

11

Election of a new Director of the company among its shareholders and /or none shareholders to fill the vacancy in the board. Any person wishes to be nominated to the Board of Directors of the Company is required to fill in a director's nomination form. Such a form can be obtained from the Company; the completed form should be delivered to the Company at least 2 days prior to the date of AGM (by the end of business hours on Wednesday 7 March 2018). The Company will not accept any application received after this date. If the candidate is a shareholder he should personally possess or represents a juristic person possessing at least 1000 of the company’s shares.

12

Appointment of the Auditors of the next financial year ending 31st Dec 2018 and fix their fees.

In accordance with the articles of association of the company, any shareholder may appoint a single representative by proxy to vote on his/her behalf by signing the attached proxy form. If the shareholder is a natural person, he/she is required to attach with the signed proxy form, a copy of the identification card for men and a copy of passport for ladies and minors- in case of Omani and a copy of resident card or passport in case of non-omanis.

In case of a juristic shareholder, the proxy form shall be signed by one of the company authorized signatories affixed with company seal and shall be accompanied by a copy of the list of company authorized signatories and commercial registration certificate.

Please be present at the meeting venue 30 minutes earlier from the fixed time.

For further information or inquiries, please contact Mr. Abdullatif Shadhah, the Compliance Officer on 24559700, 24559716

 

Chairman                            Auditors                                              Legal Advisor

Feb 22, 2018 | 09:16AMAL BATINAH DEV. INV. HOLDING
Company
Approval of Audited financial statements for the year ended December 31,2017

The Board of Directors of Al Batinah Development & Investment Holding Company SAOG approved at their meeting held on Wednesday 21 February 2018 the audited financial statements of the Parent Company and the Group for the year ended 31 December 2017,The Company incurred net loss after taxes amounted to RO  54,023 compared to a net profit of RO 382,805 for the same period of last year 2016. The audited financial statements will be uploaded on the company's website in MSM during the coming days.

Regards,

General Manager

Feb 22, 2018 | 08:45AMTHE FINANCIAL CORPORATION
Company
AGM Notice

AGM NOTICE

 

The Board of Directors of The Financial Corporation (SAOG) have pleasure to invite all Shareholders to attend the annual general meeting of the company, which will be held on 11th March 2018 at 3.00 pm at FINCORP Office.

 

AGENDA:

  1. To Review and approve the Board of Directors Report for the financial year ended 31st December 2017. 
  2. To Review and approve the Board Evaluation Report for the financial year ended 31st December 2017.
  3. To Review and approve the Corporate Governance Report for the financial year ended 31st December 2017.
  4. Review and approve the Auditor’s report and the audited annual financial statements for the financial year 2017.
  5. To approve the sitting fees being availed by the members of the Board and members of sub-committees for the financial year ended 31st December 2017 and specify the sitting fees for the next financial year.
  6. To ratify the related Party Transactions that took place during the financial year 2017.
  7. To authorize related party transactions for the financial year 2018.
  8. To ratify the donations and charity paid for the financial year 2017.
  9. To Approve RO.10,000 for social responsibility initiatives in 2018.
  10. To elect new Board of Directors for the Company (7 members), in line with the Articles of Association of the Company. Those who wishes to be elected has to fill the nomination form and submit it to the Company two days prior to the date of the Annual General Meeting latest by Sunday 7th March 2018.  In case the nominee is amongst the shareholders of the company, he has to hold as on the date of the AGM the qualification shares of 1,000 shares as per the Company’s Articles of Association.
  11. To appoint an independent expert to evaluate the performance of the Board and determine their fees.
  12. To approve the criteria for evaluation of the Board.
  13. To appoint the External Auditors for the financial year 2018 and agree their fees.

Pursuant to the Articles of Association of the Company, any shareholder has the right to appoint a proxy in writing to attend and vote on decisions taken on his behalf. The proxy must carry the authorized proxy card attached with the notice to attend the general meeting as issued by Muscat Clearing and Depository Company SAOC. If the shareholder is a natural person, he is required to attach with the proxy card a copy of ID for adults, passport for females and minors who don’t have an ID card, and resident cards or passports for expatriates. If the shareholder is a juristic person, the proxy card shall be signed by an authorized signatory and sealed with the company's seal and submitted together with a copy of the commercial registration certificate and authorized signatories form.

All invitees are requested to attend the meeting at least half an hour before the meeting time.

For further information, please contact Mr. Abdullah Al Amin on phone No.24822354, Fax no.24822390.

 

 

LEGAL ADVISOR                       EXTERNAL AUDITOR             CHAIRMAN TO THE BOARD

Feb 22, 2018 | 08:26AMRAYSUT CEMENT
Company
Approval of the audited Financial Statements and recommendation of cash dividend for the year 2017

We would like to inform to shareholders that the Board of Directors of Raysut Cement Company (SAOG) held their meeting No.(1/2018) on 21 February 2018 and has taken the following important decisions :

1-      Approved the audited financial statements for the year ended 31 December 2017.

2-      Recommendation of cash dividend at the rate of 29% of the paid up capital for the financial year ended 31 December 2017 ( last year  65% of the paid up capital). This recommendation is subject to the approval of the shareholders in the Annual General Meeting which will be held on 13 March 2018.

 

The Group has earned a consolidated net profit of RO 5,814,777 in 2017 as against RO 20,710,308 in 2016, details as follows:

 

Audited Consolidated Financial Results

Audited Consolidated Financial Results

Change %

 

       2017

     2016

 

 

        RO

        RO

 

Revenue

71,874,793

92,587,547

(22.37)

Cost of sales

(55,841,604)

(61,222,271)

8.79

Gross profit

16,033,189

31,365,276

(48.88)

General and administrative expenses

(7,018,562)

(5,902,694)

(18.90)

Selling and distribution expenses

(2,361,665)

(3,189,771)

25.96

Other income

69,631

134,891

(48.38)

Profit from operations

6,722,593

22,407,702

(70.0)

Net financing costs

(380,788)

(323,697)

(17.64)

Profit on sale of investment in associate

1,112,356

-

-

Gain on investments activities

573,550

812,199

(41.61)

Profit before tax

8,027,711

22,896,204

(64.94)

Income tax

(2,212,934)

(2,185,896)

(1.24)

Profit after tax

5,814,777

20,710,308

(71.92)

Basic and diluted earnings per share

0.029

0.104

(72.16)

 

 

 

 

Total profit/(loss) and Comprehensive income attributable to:

 

 

Owners of the parent company

5,814,735 

20,734,014 

 

Non-controlling interest

42 

(23,706) 

 

 

5,814,777

20,710,308

 

 

Further, we would like to inform to shareholders that there is a change in the profit for the Group for the year 2017 as compared to initial un-audited results declared on 14 January 2018, we would like to explain below the reasons for the change in profit:

 

Initial un-audited financial statements

Audited Financial statements

Difference

 

RO

RO

RO

Net profit for the year 2017

6,916,291

5,814,777

1,101,514

 

The provision for the impairment is made against limestone quarry RO 894,641 and other additional provisions RO 206,873  The above changes were discussed and approved during the board meeting and were reviewed by the Audit Committee and the external auditors.

 This clarification is meant for the shareholders and stakeholders of the Group.

  

Ghose Jotirmoy Pratul Krishna

Chief Executive Officer   

Feb 22, 2018 | 08:22AMAL KAMIL POWER
Company
Board Resolutions

Al Kamil Power Company SAOG (the “Company”) is pleased to advise the Muscat Securities Market and the investors’ community that the Board of Directors met today, the 21 February 2018, at 02.00 pm and the following important matters were discussed:

 1-  The Board of Directors approved the Company’s audited financial accounts for the year 2017. The Company has earned a net profit of RO 1,862 million (US$ 4,841 million) for the year 2017. The net profit for the year equates to earnings per share of 19 Baizas (US$ 0.05).

 2-  The Board of Directors has proposed distribution of dividends as follows (subject to the same being confirmed at the Annual General Meeting to be held on 19 March 2018):

 Up to 15% (15 Baiza per share) in July 2018 from the retained earnings of the company as at 31 December 2017, to the shareholders who are registered with Muscat Clearing and Depository Company SAOC as at 30th June 2018

 Up to 10% (10 Baiza per share) in December 2018 from the retained earnings of the company as at 31 December 2017, to the shareholders who are registered with Muscat Clearing and Depository Company SAOC as at 30th November 2018.

 3-  The board of directors reviewed & approved the proposed transactions and contracts with Related Parties in ordinary course of business during the year 2018.

  

Feb 22, 2018 | 07:41AMNATIONAL BANK OF OMAN
Company
Resignation of NBO Chief Executive Officer

The Board of Directors of the National Bank of Oman would like to announce that Mr. Ahmed Jafar Al Musalami, the Chief Executive Officer, has submitted his resignation due to personal reasons. The Board of Directors at its meeting held on February 21, 2018 has accepted the resignation and accordingly his last working day with the Bank will be on May 17, 2018.

Pursuant to Mr Al-Musalmi’s resignation, the Board resolved to appoint Sayyid Wasfi Jamshid Al Said, as Acting Chief Executive Officer with immediate effect i.e. 21 February 2018.

Feb 21, 2018 | 08:42PMAL BATINAH POWER
Company
Board of Directors resolutions’ disclosure

The Board of Directors of Al Batinah Power Company SAOG (the “Company”) advises 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 21 February 2018:

1. Approval of the audited financial statements of the Company for the year ended 31 December 2017 together with the Board of Directors’ Report and the Corporate Governance Report, and recommendation for approval of the shareholders in the forthcoming AGM.

 

2. Approval of the Management Discussion & Analysis Report.

 

3. Request the Shareholders in forthcoming AGM to authorize the Board of Directors’ to determine and distribute cash dividends in May/June 2018 and November/December 2018, out of the retained earnings as per the audited financial statements for year ended 31 December 2017, provided that the aggregate amount shall not exceed 9% of the paid up share capital of the Company (i.e., 9 Baizas per share).

 

4. Approval to convene AGM of the Shareholders of the Company on 20 March 2018

Feb 21, 2018 | 08:34PMAL SUWADI POWER
Company
Board of Directors resolutions’ disclosure

The Board of Directors of Al Suwadi Power Company SAOG (the “Company”) advises 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 21 February 2018:

  1. Approval of the audited financial statements of the Company for the year ended 31 December 2017 together with the Board of Directors’ Report and the Corporate Governance Report, and recommendation for approval of the shareholders in the forthcoming AGM.
  2. Approval of the Management Discussion & Analysis Report.
  3. Request the Shareholders in forthcoming AGM to authorize the Board of Directors’ to determine and distribute cash dividends in May/June 2018 and November/December 2018, out of the retained earnings as per the audited financial statements for year ended 31 December 2017, provided that the aggregate amount shall not exceed 9% of the paid up share capital of the Company (i.e., 9 Baizas per share).
  4. Approval to convene AGM of the Shareholders of the Company on 20 March 2018.
Feb 21, 2018 | 06:08PMMUSCAT INSURANCE
Company
Audited Financials for the Year Ended 31st December 2017

After Compliments,

 

Subject: The Audited Financial Statements for the Financial Year

              Ended 31st December 2017 for Muscat Insurance Company SAOG

 

We would like to inform you that the Board of Directors meeting held on Wednesday, 21st February 2018 approved the audited Financial Statements for the financial year ended 31st December 2017. The companyachieveda net profit of OMR1.508 Million  (Rial Omani One Million Five Hundred & Eight Thousand Only) compared to net profit of OMR OMR 1.339 Million (Rial Omani One Million Three Hundred Thirty Nine Thousand Only) for the previous year 2016.

 

The Board of Directors further recommended a cash dividend of 5 % of the capital amounting to OMR 500,002.100 and stock dividend @ 5 % of the current paid up capital for approval of the shareholders at the forthcoming Annual General Meeting to be held on Wednesday , 21st  March 2018.

 

Thank you.

Feb 21, 2018 | 05:50PMGULF HOTELS (OMAN)
Company
Resolutions approved by the meeting of Board of Directors and recommendation of cash dividend

This is to inform you that the Board of Directors of Gulf Hotels (Oman) met on 21st February 2018 and approved the following resolutions:

 

 

1

Approved the audited financial statements of the company for the financial year ended 31st December 2017.

2

Decided to recommend a cash dividend of 30% on paid up share capital of the company (amounting to Baizas 300 per share) for the financial year ended 31st December 2017 subject to its approval by forthcoming annual general meeting of shareholders.

Feb 21, 2018 | 05:02PMRENAISSANCE SERVICES
Company
Renaissance Services SAOG announces Annual Audited Financial Results 2017

The Board of Directors of Renaissance Services SAOG (The “Company”) has approved the annual audited results for the year ended 31st December 2017 at the Board Meeting held on 21st February 2018.

The audited results are consistent with the initial un-audited annual results announced earlier by the Company.

Financial performance

 

Rial Million

USD Million

2017

2016

2017

2016

Continuing Operations (before one-off charges)

 

 

 

 

Revenue

194.6

206.5

505.5

536.4

EBITDA

60.0

70.3

155.8

182.6

Operating profit

24.9

36.1

64.7

93.8

Net loss after tax from continuing operations (before one-off charges)

(10.7)

(0.5)

(27.8)

(1.3)

One-Off charges

(36.0)

(37.5)

(93.5)

(97.4)

Net loss after tax from continuing operations

(46.7)

(38.0)

(121.3)

(98.7)

Discontinued operations

 

 

 

 

Loss from discontinued operations

(0.1)

(1.2)

(0.3)

(3.1)

Net loss after tax for the year

(46.8)

(39.2)

(121.6)

(101.8)

Net loss for the year after minority interest

(44.5)

(42.1)

(115.6)

(109.4)

Topaz (before one-offs)

 

Rial Million

USD Million

2017

2016

2017

2016

Revenue

94.2

108.7

244.8

282.3

Operating profit

18.4

27.2

47.8

70.6

Net loss after tax

(10.2)

(2.8)

(26.5)

(7.3)

Net loss after minority interest

(14.3)

(11.4)

(37.2)

(29.7)

 

Renaissance (before one-offs)

 

Rial Million

USD Million

2017

2016

2017

2016

Revenue

100.4

97.8

260.7

254.0

Operating profit

6.5

9.1

16.9

23.6

Net profit after tax *

2.8

6.0

7.4

15.6

Net profit after minority interest

4.6

6.1

12.0

15.8

  * Net profit after tax for 2017 is after Rial 3.5 million loss in Renaissance Village Duqm (2016 loss: Rial 0.1 million)

The audited Financial Statements along with the Chairman’s Report, CEO Report and Corporate Governance Report will be submitted to the Muscat Securities Market within the prescribed period. The audited Financial Statements and other reports will be presented to the Shareholders for approval at the AGM which will be held on 28th March 2018 at 3.00 p.m. at the Meeting Hall of the CMA.

Feb 21, 2018 | 04:47PMSEMBCORP SALALAH
Company
Invitation to Attend the Annual General Meeting

The Board of Directors of Sembcorp Salalah Power & Water Company SAOG (“the Company”) is delighted to invite the shareholders of the Company to attend the annual general meeting (Meeting) to be held at 3.00 p.m. on Thursday 8 March 2018 at Hormuz Grand Hotel, Muscat, Sultanate of Oman, to discuss the following agenda:

 

Agenda for the Annual General Meeting

 

1            To consider and approve the Report of the Board of Directors for the financial year ended 31 December 2017.

 

2            To approve the report on the evaluation of the performance of the Board of Directors for the financial year ended on 31 December 2017.

 

3            To consider and approve the Corporate Governance Report for the financial year ended 31 December 2017.

 

4            To consider the Auditor's Report and approve the financial statements (Balance Sheet and Profit and Loss Account) for the financial year ended 31 December 2017.

 

5            To consider and approve the recommendation to distribute cash dividends at the rate of 3.1% of the capital (being 3.1 baisas per share) to shareholders listed in the shareholders’ register maintained by the Muscat Clearing and Depository Company SAOC as at 1 April 2018.

 

6            To authorize the Board of Directors to approve the payment of an interim dividend of up to 10% of the issued share capital of the Company (being 10 baisas per share) (from the audited accounts of the Company for the nine-month period ending on 30 September 2018) to shareholders listed in the shareholders’ register maintained by the Muscat Clearing and Depository Company SAOC as at 1 November 2018.

 

7            To consider and ratify the directors' and committees' sitting fees received in the previous financial year and determine the sitting fees for the next financial year.

 

8            To consider and approve directors’ remuneration amounting to RO 67,240 for the financial year ended on 31 December 2017.

 

9            To consider and ratify the related party transactions entered into during the financial year ended on 31 December 2017.

 

10          To consider and approve the related party transactions proposed to be entered into during the financial year ending on 31 December 2018.

 

11          To inform the meeting of the donations made to support community services during the financial year ended on 31 December 2017.

 

12          To consider and approve a proposal to spend the total sum of RO 60,000 to support community services during the financial year ending on 31 December 2018.

 

13          To appoint an independent entity to evaluate the performance of the directors for the financial year ending on 31 December 2018 and determine their fees.

 

14          To appoint the auditors of the Company for the financial year ending on 31 December 2018 and determine their fees.

 

Pursuant to the Articles of Association of the Company, any shareholder has the right to appoint a proxy in writing to attend and vote on decisions taken on his behalf. The proxy should carry the authorised proxy card attached with the notice to attend the general meeting as issued by Muscat Clearing and Depository Company SAOC. If the shareholder is a natural person, he is required to attach with the proxy card a copy of ID for adults, passport for females and minors who do not have an ID card, and resident cards or passports for expatriates. If the shareholder is a juristic person, the proxy card shall be signed by an authorised signatory and sealed with the company's seal and submitted together with a copy of the commercial registration certificate.   

 

All invitees are requested to attend the meetings at least half an hour before the meeting time.

If you have any inquiries kindly contact Tariq Bashir on telephone number 93215022.

Feb 21, 2018 | 02:42PMAL JAZEERA SERVICES
Company
Decisions of Board Meeting held on 21 February 2018

This is to inform you that the Board of Directors at their meeting held on 21 February 2018 has approved the audited financial results for the year ended 31 December 2017 .

Key financial results are as below :

-   Revenue for the year 2017 is RO 7,950,880 compared with RO 9,175,721 in the year 2016.

-   Net profit after tax for the year 2017 is RO 1,631,454 compared with RO 1,641,426 in the year 2016.

-  Earnings per share is 15 baisa for the year 2017 and 2016.  

-  Net asset per share is 213 baisa as on 31 December 2017 and 31 December 2016.

The Board proposed cash dividend of 15% (15 baisa per share) amounting to RO. 1,675,758 for the year 2017, subject to the approval by the Shareholders’ in the Annual General Meeting scheduled to be  held on 21 March 2018.

Thank you,

Feb 21, 2018 | 01:55PMNATIONAL SECURITIES
Company
Upload the audited financial statements for the financial year ended 31/12/2017

Please be informed that the audited financial statements of the company for the financial year ended 31December 2017 have been uploaded on the company file on MSM Web Site.

Feb 21, 2018 | 09:03AMSWEETS OF OMAN
Company
‎Invitation To Attend Annual General Meeting

Sweets of Oman SAOG

P.O.Box 49 P.C 124 Rusayl

Tel : 24446278 /79/Fax : 24446276

Invitation to

The Annual Ordinary General Meeting for Sweets of Oman SAOG for the financial year ended 31st December 2017.

The Board of Directors of Sweets of Oman SAOG is pleased to invite the shareholders of the Company to attend the Annual Ordinary General Meeting of the Company to be held on Wednesday 14/03/2018, at 3:00 pm, at Al Falaj Hotel Ruwi to consider the following agenda:

 To consider and approve the Report of the Board of Directors for the financial year ended 31/12/2017.

  1. To consider and Approve of the Board of Directors performance report for the financial year ended 31/12/2017.
  2. To consider and approve the Corporate Governance Report of the Company for the financial year ended 31/12/2017.
  3. To consider the Auditor's Report and approve the Balance Sheet and the Statement of Income account for the financial year ended 31/12/2017.
  4. To consider and approve the proposal to distribute a  cash dividend of 20 % at the rate of 20 Baisa per share to the shareholders as on the date of AGM.
  5. To approve the sitting fee paid to the Board of Directors meetings and its Sub-committees for the financial year ended  31/12/2017 and determines the fee for the forthcoming financial year ending  31/12/2018.
  6. To consider and approve the amounts allocated and spent for the company’s social responsibilities for the financial year ended 31/12/2017.
  7. To consider and approve a proposal to donate an amount of R.O.15,000/-(Riyal Omani Fifteen thousand only) to the local Society for the financial year ending on 31/12/2018
  8. To elect a new Board of Directors for the Company from       amongst shareholders or non-shareholders. Any person who wishes to be nominated to the Board of Directors of the Company is required to fill in a Director’s Nomination Form. Such a form can be delivered to the Company at least two (2) business days prior to the date of the Annual Ordinary General Meeting of the Company ( by the end of business hours on 11/03/2018). The Company will not accept any application received after this date. If the candidate is a shareholder, according to the company’s Articles of Association he/she should own (50,000) share at the date of the meeting.
  9. To approve the criteria for measuring the performance of the Board of Directors for the financial year ending 31/12/2018.
  10. To appoint an independent expert to evaluate the performance of the Board for the financial year ending 31/12/2018 and determine their fees.
  11. The appointment of the Statutory Auditors for the financial year ending 31/12/2018 and approve their fee.

Pursuant to the Articles of Association of the Company, any shareholder has the right to appoint a proxy in writing to attend and vote on decisions taken on his behalf. The proxy must carry the authorized proxy card attached with the notice to attend the general meeting as issued by Muscat Clearing and Depository Company SAOC. If the shareholder is a natural person, he   is required to attach with the proxy card a copy of ID for

adults, passport for females and minors who don’t have an ID card, and resident cards or passports for expatriates. If the shareholder is a juristic person, the proxy card shall be signed by an authorized signatory and sealed with the company's seal

and submitted together with a copy of the commercial registration  certificate  and  authorized  signatories  form.

All invitees are requested to attend the meeting at least half an hour before the meeting time.

 

If you have any inquiries kindly contact Mr.    S.Balakrishna at the following numbers: Tel : (968) 24446278 /24446279 Fax : 24446276

Feb 21, 2018 | 09:02AMMUSCAT CITY DESALINATION
Company
An update in relation to dividend payment

Further to the Company's disclosure dated 11 February 2018 regarding the dividends payment, we would like to inform the shareholders and investors community that the exact interim cash dividend to be paid to the shareholders of the Company who are the registered in the Company's register as on 28 February 2018 is 2.9268 baiza (two baizas and nine thousand two hundred sixty eight of a baiza) per share instead of the rounded up amount of 2.93 baiza (two baizas and ninety three hundred of a baiza) per share

Feb 21, 2018 | 08:51AMOMAN NATIONAL ENGINE. INVT.
Company
Declaration of Dividend

Dear Shareholders,

 

I have the pleasure to inform our esteemed shareholders that the Board of Directors of Oman National Engineering & Investment Company (SAOG), in its meeting held on Tuesday 20/2/2018, has approved the Audited Financial Statements for the fiscal year ended on 31/12/2017 and has proposed to the AGM intended to be held on 19/3/2018, to distribute to the shareholders cash dividend of 10%( 10 biza per share) and 10% bonus shares of the capital .

 

Rashid bin Mohammed AL Ghailani

CEO

Feb 20, 2018 | 11:37PMOMAN CERAMIC COMPANY
Company
BOD approval of Annual accounts for 2017

OMAN CERAMICS COMPANY SAOG

Board of Directors’ approval of Annual Accounts 2017

 

Board of Directors in their meeting held on 20th  February 2018, approved the audited  financial statements for the year ended 31 December 2017, with following key figures.

 

 (Figures in Omani Rials)

 Particulars

 2017

 2016

% of change

Sales

3,329,581

3,530,168

-6%

Net Profit

118,428

88,354

34%

Net Worth

1,278,173

1,159,745

10%

Earnings per Share

0.063

0.047

34%

 

 

 

 

 

 

Pawan Kumar Jain

Chief Executive Officer-In Charge

Feb 20, 2018 | 04:34PMAL SHARQIA INVESTMENT HOLDING
Company
Board of Directors meeting and endorsement of Audited accounts

The Board of Directors of A’Sharqiya Investment Holding Company (SAOG) convened on February 20, 2018 and endorsed the financial statements for the year ended December 31, 2017 where the company’s net profit amounted to RO 530,522 (Rial Omani Five Hundred Thirty Thousand Five Hundred Twenty Two only) as compared to RO 1,108.945 (Rial Omani One Million One Hundred Eight Thousand Nine Hundred Forty Five only) for the year ended December 31, 2016.

 

The Board of Directors further recommended the following:  

 

  • Distribution of cash  dividends to the shareholders at the rate of 5.0%    

  

  • Submit the said recommendation to the company’s shareholders for approval at the Annual General Meeting, scheduled for 20 March 2018.

 

 

Feb 20, 2018 | 04:26PMOMAN NATIONAL ENGINE. INVT.
Company
The audited Financial Results for the Fiscal Year Ended on 31/12/2017

The audited Financial Results for the Fiscal Year ended on 31/12/2017 are as follows:

 

 

31 Dec. 2017

 

31 Dec. 2016

 

 

 

RO

RO

% Change

Total Revenue

46,448,501

38,285,212

21.32

Total Expenses

44,366,627

37,036,390

19.79

Net Profit after Tax

2,081,874

1,248,822

66.71

Total equity

23,811,442

22,855,814

4.18

Earnings per share

0.021

0.012

66.71

Net assets per Share

0.239

0.229

4.18

 

The results are audited and approved by Board of Directors on 20/2/2018

 

 

 

 

 

 

Rashid bin Mohammed AL Ghailani

CEO

Feb 20, 2018 | 02:51PMAL MADINA TAKAFUL
Company
The Wakala fees and Modharaba percentage for the fiscal year 31/12/2018

 

 

Al Madina Insurance Company S.AO.G (Al Madina Takaful) would like to inform its customers the following:

 

The Wakala fees and Modharaba percentage for the fiscal year 31/12/2018

 

Wakala Fees:

 

AL Madina Insurance Company SAOG operating as the Wakeel of the Policyholders Fund proposes to charge Wakala Fee on the Net Revenue of the Company. The aggregate Wakala fee for the year 2018 shall be 20% of the Gross Written Contribution for all contributors’ in general takaful funds and Family Takaful funds.

 

Mudharaba percentage of the Company from the total investments of the contributors funds (policy holders):

 

Al Madina Insurance Company SAOG operating as the Mudarib of the Policyholders Fund will charge a Mudarib Fee of 55% of the net profits generated from the investment of the Policyholders Fund.

 

For more information, kindly visit the Company’s head office at Muscat Grand Mall, building (6), third floor. Or call us on the phone: +968 22033888. You may also visit us at our website: (www.almadinatakaful.com) to view frequently asked questions (FAQ) on Takaful.

Feb 20, 2018 | 12:00PMGALFAR ENGINEERING AND CON.
Company
Correction to the date of Arbitration Award

Further to our disclosure today on the Arbitration Award, this to correct the date of issuing the Award to read 15/02/2018 instead of 16/02/2018 

For/ The CEO

Abdelbagi Daffalla

Feb 20, 2018 | 07:59AMGULF STONES
Company
An Invitation for the meeting of the Annual General Meeting (AGM).

 

An Invitation for the meeting of the Annual General Meeting (AGM).

 

The Board of directors of Gulf Stone Company is pleased to invite all the shareholders to attend the company’s Annual General Meeting (AGM), due to be held in Muscat (Sundus Rotana Hotel) on Tuesday 06 March 2018 at 03:00 pm. To discuss the following agenda:

 

1 -Consideration and approval of the report of the board of directors for the financial year ended on 31 December 2017.

2- Approve the performance report of the Board of Directors for the financial year ended 31/12/2017.

3 - Consideration and approval of corporate governance report for the financial year ended on 31 December 2017.

4 - Consideration of the auditor’s report and approval of the balance sheet and the profit and loss account for the financial year ended on 31 December 2017.

5 - Approval of the sitting fees to the Board Directors meetings and its Sub-committees for the financial year ended 31 December 2017 and approval for the fees for the forthcoming financial year ending 31 December 2018.

6 - To inform the shareholders about the donations spent to support local society during the financial year ended on 31 December 2017.

7 - Consideration and approval of a proposal to donate amount of (R.O 2000) for the local society for the financial year ending on 31 December 2018.

8- Election of board member to fill the vacancy (from the shareholders or non-shareholders). All who are desirous in the membership of the board have to fill up the candidacy forms prepared for said purpose and to submit the same to the company no letter than end of the working day Sunday 01 of March, 2018, after which all received forms shall not be considered. In case the candidate is a shareholder, the Articles of Association of the Company requires that such shareholder must own a minimum of 5000 shares in the Company at the date of the meeting.

9 - Appointment of the auditors of the company for the financial year ending on 31/12/2018 and specify their fees.

10- Approval of measuring the performance of the board Directors standards.

11- Appointment of an independent Consultant to measure the performance of the Board of Directors for the financial year ending on 31/12/2018 and specify their fees.

 

In accordance with the Company’s Articles of Association and Amendments Thereto, any shareholder is entitled to authorize any other person to attend the meeting and vote, provided that the authorization should be done on the proxy issued by Muscat Clearing and Depository Co. attached to the notice. Any natural person should attach his ID card for an adult, or a copy of the Passport for ladies and minors, or a Resident Card and Passport for non-Omanis. The proxy should be signed by one of the authorized signatories and carry the Company’s stamp with a copy of the commercial registration and the specimen of the authorized signatures.

 

To prevent delay in starting the meeting shareholders are kindly requested to arrive about half an hour before the scheduled meeting time. For further inquiries, please call Mr. Mohammed Al Balushi on 26751675 Ext 111 or mobile 99215262.

 

Feb 19, 2018 | 10:06PMGALFAR ENGINEERING AND CON.
Company
Arbitration Award in Favour of Galfar

We would like to inform our esteemed Shareholders and Investors that an arbitration award was issued in the second of the four arbitration proceedings between Galfar Engineering and Contracting SAOG (Claimant) and Oman Wastewater Services Company SAOC / Haya Water (Defendant) in respect of the disputed claims between the parties in Al Seeb sewage project contract-3. The Arbitration award has decided in all disputed matters and the award obligated Haya water to pay to Galfar all awarded amounts in a Sum amounting OMR 18,860,533/260 plus interest at a rate of 7% from the date of 5/11/2014 up to the date of Award on 16/2/2018 which is equal to OMR 4,252,535/357.

Accordingly, the awarded total amount is equal to OMR 23,113,068/617 [twenty three million one hundred thirteen thousand and sixty eight Omani Riyals and 617 Baisas] subject to an interest increase @ 7% from the date of the award 16/2/2018 until full payment.

This award covers the income recognized in the Company’s accounts.

 Hans Erlings

Chief Executive officer

Feb 19, 2018 | 06:48PMOOREDOO
Company
Invitation to attend the Annual General Meeting (AGM)

The Board of Directors of the Omani Qatari Telecommunication Company SAOG invites all shareholders to attend the Annual General Meeting, which will be held on Monday, 5thMarch 2018 at 3 pm at Al Afraah Hall at the Grand Hyatt Muscat:

The agenda of the meeting will be as follows:

  1. Consideration and approval of the report of the board of directors for the financial year ended on 31December 2017.

  2. Consideration and approval of the report of independent entity about measure the performance of the members of the Board of Director for the financial year ending 31 December 2017

  3. Consideration and approval of corporate governance report for the financial year ended on 31 December 2017.

  4. Consideration of the auditor’s report and the consideration and approval of the balance sheet and the profit and loss account for the financial year ended on 31 December 2017.

  5. Consideration and approval of a proposal to distribute cash dividends at the rate of 42 Baiza per share representing 42% of the nominal value of the share.

  6. Approval of sitting fees paid for the directors of the Board and committees for the financial year ended on 31 December 2017 and determination of the fees payable for the next financial year ending on 31December 2018

  7. Consideration and approval of directors' remuneration of RO 138,000 for the financial year ended on 31 December 2017.

  8. Informing the shareholders of related party transactions that were entered into during the financial year ended on 31 December 2017

  9. Informing the shareholders of the amount spent on corporate social responsibility for the year ended on 31 December 2017 with an amount of RO 250,000 as stated in the financial statements.

  10. Consideration and approval of donation budget to be spent on corporate social responsibility for the next financial year ending on 31December 2018 with an amount of RO 200,000.

  11. Appointment of the auditors of the company for the financial year ending on 31 December 2018 and specify their fees.

  12. Informing the shareholders of the independent evaluation criteria of the Board members performance year ending on 31 December 2018

  13. Appointing an independent entity to measure the performance of the members of the Board of Directors within the financial year ending 31 December 2018.

Pursuant to the Articles of Association of the company any shareholder has the right to authorise any person in writing to attend the meeting and vote on the resolutions on his behalf. Authorisation shall be on the proxy card issued by Muscat Clearance & Depository Company attached with the invitation. Natural persons shall attach a copy of their ID or in the case of women or minors who do not have an ID card, a copy of their passport, and the residence card or passport for expatriates. For juristic persons the proxy card shall be signed by an authorized signatory, sealed by the company seal and submitted together with copies of the commercial registration certificate and authorized signatories form.

 

To prevent delay in starting the meeting, shareholders are requested to arrive half an hour before the scheduled meeting time.

 

For further information, please contact Ahmed Al Khuzairi on +968 95108731

Feb 19, 2018 | 06:19PMOMAN UNITED INSURANCE
Company
Most important decisions of Board of Directors

Dear honorable shareholders and investors community,

We are pleased to announce that the Board of Oman United Insurance Company SAOG  held its  meeting  on (Monday 19th  February 2018) and approved the audited  financial statements of the company  for the year ended 31/12/2017. Hereinafter the most important Board decisions:

 

Firstly: Approval of Audited Financial Statements for the year 2017

The Board approved the audited financial statements of the company for the year ended 31/12/2017. The following table illustrates the performance of the year 2017.

 

 

Values in (RO)

 

Particulars

 

 

2017

Audited

 

2016

Audited

 

Change%

Gross Written Premium

38,412,421

38,545,295

-0.3

Gross Underwriting Results

7,004,282

5,726,981

+22.3

Total Investment Income & other income (Realized)

3,920,733

4,072,298

-3.7

Unrealized Investment losses

(2,254,506)

(1,185,433)

+90.2

Net Investment Income

1,666,227

2,886,865

-42.3

Management Expenses (including Depreciation and Provision for Bad and doubtful Debts)

(4,534,789)

(4,166,250)

+8.8

Provision for Income Tax

(791,014)

(394,403)

+100.6

Net Profit After Income Tax

3,344,706

4,053,193

-17.5

Earnings per Share EPS

0.033

0.041

-17.5

Available for sale investments fair value gain / (Losses)

(221,112)

754,453

-129.3

Total Comprehensive income for the period

3,123,594

4,807,646

-35.0

Retained Earnings after provisioning of Contingency Reserve

4,105,759

3,761,053

+9.2

Net Asset Value per share

0.291

0.290

+0.03

 

Secondly: Cash Dividend Distribution

The Board recommends to distribute cash dividends of 30% of the paid up capital  of RO. 10 Million  i.e. (30 Bzs.) per share. The recommendation would be put forward to the AGM of the company scheduled on 29/3/2018, for approval.

 

 

Spokes Person

Nassir Bin Salim Al Busaidi

Feb 19, 2018 | 05:26PMASAFFA FOODS
Company
Decisions of the Board Meeting held on 19 February 2018

 

Decisions of the Board Meeting

Board of Directors of A’Saffa Foods  SAOG held their meeting on Monday, February 19, 2018 at 1:30 pm and resolved the following :

 

1)      Approved the Audited Financial Statements for the year ended December 31, 2017 of the Parent Company and the Group, to be submitted to Annual General Meeting for final approval. The snapshot of the performance is given as below :

 

 

Group 2017

Group 2016

Parent 2017

Parent 2016

Change %

Change %

RO. ‘000

RO. ‘000

RO. ‘000

RO. ‘000

Group

Parent

Revenue

      32,228

      30,670

      31,944

      30,557

          5.08

          4.54

Gross Profit

      12,235

      11,744

      11,488

      11,194

          4.18

          2.63

Net Profit before Tax

        5,164

        5,229

        4,461

        5,070

        (1.24)

      (12.01)

Taxation

           837

           654

           719

           616

        27.98

        16.72

Net Profit after Tax

        4,327

        4,575

        3,742

        4,454

        (5.42)

      (15.99)

 

2)      Recommended the distribution of 20 % cash dividend of Paid up Capital (20 Baiza per share) for the year ended December 31, 2017 subject to the approval of shareholders at their Annual General Meeting to be held on March 29, 2018.

3)    Recommended to spend RO.100,000 towards Corporate Social Responsibility (CSR) activities.

 

 

 

Feb 19, 2018 | 04:43PMNATIONAL DETERGENT
Company
Invitation to attend the Annual Ordinary General Meeting

The Board of Directors of The National Detergent Co. SAOG takes pleasure in inviting the shareholders to attend the 37th Annual General Meeting to be held at 5.00 P.M. on Monday, 12th March 2018 at ‘Habrout & Lubaan Hall’ Hotel Grand Hayat, Qurum to discuss the following agenda:

 

  1. To consider and approve the Directors’ Report for the year ended 31 December 2017;

 

  1. To consider & approve the evaluation report of the performance of the Board for the financial year ended 31/12/2017;

 

  1. To consider and approve the Corporate Governance Report for the year ended                                          31 December 2017;

 

  1. To consider Auditors’ Report, approve and adopt the Company’s financial statements for the year ended 31 December 2017;

 

  1. To consider and approve the proposed final cash dividend to the shareholders @ 45% of Share capital i.e. Bz. 45 per share, recommended by the Board, for the year ended 31 December 2017;                                             

 

  1. To approve the Directors’ sitting fees paid for the year ended 31 December 2017, and to determine the sitting fee for the next year;

 

  1. To consider and approve the proposal of distributing Directors’ remuneration amounting to                 RO 27,000/-, recommended by the Board, for the year ended 31 December 2017;

 

8. To disclose and approve the contracts and transactions entered into by the Company with related parties during the financial year ended 31 December 2017 ;

 

  1. To approve contribution as part of the social responsibilities for the financial year ended 31/12/2017;

 

  1. To consider and approve a proposal to donate an amount of RO. 10,000/- (Rial Omani Ten thousand only) towards social responsibilities for the financial year ending 31/12/2018;

 

11.  To elect a new Board member to fill vacant position in place of temporary director. Any person who wishes to nominate himself for the directorship, fill out the nomination form prepared for this purpose and submit it to the Company at least two business days prior to the date of the Annual  General Meeting by no later than Wednesday 7/3/2018, No submission will be accepted after this date, If the candidate is a shareholder, it is stipulated as per articles of association of the company, should have not less than 20000 shares in the company at the time of annual general meeting

 

  1. To appoint Statutory Auditors for the financial year ending 31 December 2018 and fix their remuneration;

 

  1. To discuss and approve the criteria for the evaluation of the performance of the Board for the financial year ending 31/12/2018;

 

  1. To appoint an independent expert to evaluate the performance of the Board for the financial year ending 31/12/2018;

  

Under the statute of the company, shareholders have the right of appointing, in writing, a proxy to attend the meeting and vote on his/her behalf, wherever necessary.

 

Note: The SAOG Companies should deposit the investors’ funds unclaimed within a period of 6 months from its due date to the Investors’ Trust Funds. Shareholders are advised to refer to the Muscat Depository and Securities Registration Company to enquire about any amounts due from them.

 

 

In case of enquiry, please contact

Mr. Nasser Al Rawahi, Tel: 24493824-92869333

 

 

______________                                                ________________                                             _______________                     Auditors

Chairman of the           legal   Advisor                                                                                 

Board of Directors

Feb 19, 2018 | 01:59PMOMAN NATIONAL ENGINE. INVT.
Company
Award of Tender

With great pleasure, I would like to inform our esteem shareholders and investors that Mazoon Electricity Company SAOC has awarded Oman National Engineering & Investment Company SAOG (ONEIC) on 19/2/2018 the contract for construction of booster transformer and upgrade of ALFASHGAH PSS to 1x6 MVA at Wadi Bni Khalid in ALSHARQIYAH North Governorate (Tender 62/2017) for the sum of RO 649,418 (Only Six Hundred Forty Nine Thousand and Four Hundred Eighteen Omani Rials) for the period of (365) days commencing on 21/2/2018.

 

 

 

 

 

 Rashid bin Mohammed AL Ghailani

Chief Executive Officer

 

Feb 19, 2018 | 09:35AMUNITED POWER
Company
Board of Directors' Resolutions

With reference to the Board of Directors disclosure on 14 February 2018  the Board of Director of United Power Company SAOG is pleased to inform the Muscat Securities Market and the investors’ community following:  

1-      To call for Extraordinary General Meeting on 8 March 2018 to request the shareholders to approved amendment of article no. 5.1.b regarding Perference Shareholders. 

 

2- The Board recommends to distribute cash dividends for Preference shares of  162.5% (One Rial Six Hundred twenty five Baisa for each share) subject to the approval of  shareholders  to amend Article 5 of Article of association in the Extraordinary General Meeting

Feb 19, 2018 | 08:58AMSWEETS OF OMAN
Company
CHANGE IN NET PROFIT

Reference to the Disclosure of the initial unaudited financial results dated on 14-01-2018

 

We would like to inform that the Audited Net Profit is R.O. 216,920 as compared to the initial unaudited profit of R.O. 201,135 uploaded on January 14, 2018.  This change is due to the correction of ‘Tax charged in Audited Profit & Loss Account’  due to deferred tax computation. Please note that the Profit for the year before taxation remains same at R.O. 236,631  in the audited financials and unaudited financials also.

 

Audited Financial Reports has been Uploaded on MSM Website.

Feb 18, 2018 | 06:09PMAL AHLIA INSURANCE
Company
Clarification on Board Resolution - Dividend

Reference to our disclosure on Board of Directors resolution dated 17th Feb 2018 , it is clarified that the cash dividend payable per share is 27 bzs i.e.(27 % of the par value) subject to approval of the shareholders.

Feb 18, 2018 | 04:45PMTAKAFUL OMAN INSURANCE
Company
The Board of Takaful Oman Insurance meeting on the 18th of February 2018

The Board of Takaful Oman Insurance held a meeting on the 18th of February 2018 and unanimously resolvedupon the following:

1.  based on recommendation from the Audit Committee to approve the Audited Financial statements for the year ending on 31st December 2017.

2. Approval of the Financial Year 2017 AGM agenda and the reports submitted to it.

Kindly note that we will upload the financial statements of the company in Muscat Securities Market website in Arabic and English soon. 

Feb 18, 2018 | 04:25PMSHARQIYAH DESALINATION
Company
Invitation to the Annual Ordinary General Meeting - 7th March 2018

The Board of Directors of Sharqiyah Desalination Company SAOG (hereinafter referred to as the “Company”) is pleased to invite the Shareholders to the Company Annual General Meeting (AGM) to be held at 5.00 pm on Wednesday 7 March 2018 at the Maha Room  at Crowne Plaza Hotel, Muscat, Sultanate of Oman, to consider the following agendas:

AGM agenda:

1.       To consider and approve the Board of Directors’ Report for the financial year ended 31 December 2017.

2.       To consider and approve the Corporate Governance Report for the financial year ended 31 December 2017.

3.       To consider the Auditors’ Report and approve the Financial Statements for the year ended 31 December 2017.

4.       To consider and note the transactions carried out by the Company with related parties during the financial year ended 31 December 2017.

5.       To consider and ratify the Board and Committees’ sitting fees paid during the preceding year and specify the Board and Committees, sitting fees for the coming year.

6.    To approve the evaluation report of the Independent Firm regarding the performance of the Company’s Board of Directors and its members for the financial year ending 31 December 2017.

7.       Approve the criteria to appraise the Company’s Board of Directors and its members for the financial year ending 31 December 2018.

8.       To appoint an Independent Firm to appraise the performance of the Company's Board of Directors and its members for the financial year ending 31 December 2018 and approve its remuneration.

9.       To appoint the statutory auditors for the financial year ending 31 December 2018 and approve their remuneration.

In accordance with the Articles of Association of the Company, every shareholder has the right to appoint any other person as his proxy to attend the meeting and vote on his behalf by authorising such person in writing, by way of a proxy card issued by the Company. Any natural person should attach to the proxy card, a copy of his ID if adult male, and passport if female or minor who are not holding IDs and a copy of a resident card or passport for non-Omanis. For juristic persons, the proxy form shall be signed by one of the authorized signatories and sealed by the Company's stamp accompanied with copies of the commercial registration certificate and the specimen signature form. Please attend at least 30 minutes prior to the meeting. For more information, please contact Mr Nasser Al Habsi on telephone number +968 2495 0701 or Mr Aiman Al Zadjali on telephone number +968 2469 3890 for any further information.

Feb 18, 2018 | 03:53PMOMAN TELECOMMUNICATION
Company
Preliminary unaudited financial results for the Year ended 31 December 2017

 

Oman Telecommunications Company S.A.O.G (Omantel. MSM: OTEL), is pleased to announce preliminary unaudited financial results for the Year ended 31st December 2017. Following the acquisition of a controlling stake in Mobile Telecommunications Company K.S.C.P (Zain group) the Group results include Zain Group results for the period from 15 November 2017 to 31 December 2017.

 

Group revenue recorded an increase of 44.7% and reached RO 751.7 Mn compared to RO 519.3 Mn of the corresponding period of 2016. The increase is mainly on account of the consolidation of Zain’s revenue, which contributed RO 219.6 Mn to the total revenue.

 

The group achieved an after tax Net Profit of RO 106.8 Mn (RO 79.7 Mn net off non-controlling interests) compared to RO 115.78 Mn in 2016 (RO 116.7 Mn net off non-controlling interests), a decrease of 7.8%.  Group net profit for year 2017 includes RO 35.7 Mn contributed by Zain Group.  After adjusting for the minority interest, Zain group contributed profit of RO 7.6 Mn to the Group profit.

 

Financial Highlights:

 

Omantel Group

In RO Mn

Year to Date

 

2017

2016

In Fig

In %

Revenue

751.7

519.4

232.4

44.7%

EBITDA

290.8

230.2

60.6

26.3%

Net Profit

106.8

115.8

(9.0)

(7.8%)

 

 

 

 

 

Attributable to:

 

 

 

 

Equity holders of the parent

79.7

116.7

 

 

Non-controlling interest

27.1

(0.9)

 

 

 

 

 

 

 

Net Profit %

14.2%

22.3%

 

 

 

 

 

The above results are unaudited and subject to review of the Audit committee & approval of the Board.  The final results will be released after the approval.

 

Feb 18, 2018 | 02:53PMAL JAZEERA STEEL PRODUCTS
Company
Decisions of the Board of Directors

The Board of Directors of the company has taken the following decisions in their meeting held on 18th February 2018:

 

  1. The Board has reviewed, adopted and approved the annual audited financial statements of the Group and the Parent company for the year ended 31st December 2017.
  2. The Board approved the Corporate Governance report for the year 2017.
  3. The Board has proposed to pay a cash dividend of 24 Baisa per share for the year ended 31st December 2017 subject to approval of the shareholders at the Annual General Meeting (AGM) to be held on 25th March 2018.

 

The audited Financial Statements along with the Chairman’s Report, Management Discussion Report Corporate Governance Report and External Auditors Reports will be uploaded in Muscat Securities Market website within the statutory period of two weeks before the AGM.

 

Feb 18, 2018 | 10:28AMSALALAH BEACH RESORT
Company
Resolution approved by the meeting of Board of Directors

This is to inform you that the Board of Directors’ of Salalah Beach Resort SAOG met on 15 February 2018 and approved the following resolutions:

 1. Approved the audited financial statements of the company for the financial year ended 31st December 2017.

Note: Financial Results will be uploaded shortly.

Feb 18, 2018 | 10:09AMOMAN QATAR INSURANCE
Company
UPLOADING OF AUDITED ACCOUNTS FOR THE YEAR ENDED 31.12.2017

Oman Qatar Insurance Company SAOG has posted on the MSM website on 18 February 2018, Company’s  audited annual reports for the year ended 31 December 2017 which include – auditors’ report, audited financial statements,  Chairman’s report, Corporate governance report and Management discussion & analysis report.

 

Feb 18, 2018 | 09:30AMRAYSUT CEMENT
Company
Appointment of Chief Finance Officer and Chief Operation Officer

We hereby inform that Mr. Kuldip Chadha – Indian National- has been appointed at Raysut Cement Co. as Chief Finance Officer.pursuant to Adminstrative decision No.RCC/HR/2018 on 1 February 2018 Mr. Kuldip is a qualified Chartered Accountant with over 40 years’ experience in internal audit including 26 years at a senior management level.

 We also hereby inform that Mr. Gopal Parikh – Indian National- has been appointed at Raysut Cement Co. as Chief Operation Officer.pursuant to Adminstrative decision No.RCC/COO/2018 on 7 February 2018  Mr. Gopal is holding B.E (Mechanical) from Engineering College in India and has more than 30 years’ experience in cement industries at a senior management level.  

 

Ghose Jotirmoy Pratul Krishna

Chief Executive Officer 

Feb 18, 2018 | 09:03AMTHE FINANCIAL CORPORATION
Company
Audited financial results for the year 2017

The Board of Directors of The Financial Corporation Co. SAOG has approved the consolidated audited financial statements for the year ended 31 December 2017, in their meeting held on 15 February 2018. A brief summary of the financial results for the year is given below. The full financial statement will be uploaded in MSM website shortly.

 

 

DETAILS

January 1,2017–December 31, 2017

January 1,2016 –December 31, 2016

Change

Total Income

            522,728

          834,719

-37%

Expenses

       (1,000,925)

         (983,362)

2%

Net  (Loss) before taxes

          (478,197)

         (148,643)

-222%

Taxation

              61,880

             (6,821)

100%

(Loss) / profit for the year

          (416,317)

         (155,464)

-168%

Net (Loss) for the period excluding NCI

          (351,070)

         (214,035)

-64%

Losses per share (RO)

               (0.005)

             (0.003)

-64%

 

Feb 17, 2018 | 09:48PMGULF STONES
Company
Resolutions of the Board of directors of Gulf Stone Company 17/2/2018

The Board of Director of Gulf stone company ( SAOG) in their meeting held Saturday 17/02/2018, main resolutions : -

1-     Approved the financial statements of the Company for the financial year ended 31/12/2017, where the company loss of RO -20,753 for the reporting period comparing to RO 374,551 for the same period of 2016

2- Selection of Mr. / Sudarshan Kumbla to be the Company Spokesperson.

3- Approval to merger of the Nomination and Remuneration Committee with the Executive Committee and Called  as the Executive Committee, Nominations and Remuneration.

 

Best Regards,

 

 

Mohammed Juma Al Balushi

Secretary Board of Directors

Feb 17, 2018 | 11:31AMAL AHLIA INSURANCE
Company
RESOLUTIONS APPROVED AT THE BOARD OF DIRECTORS’ MEETING 15th Feb 2018

The board of directors at a meeting held on 15th February 2018 discussed the topics listed on the agenda and approved the following resolutions.

 

  1. The Financial statements and related documents as follows
    -   The Management Letter received from the Company’s external auditors for 2017.
    -  The Ministerial Returns (Solvency Return) for 2017 for General & Life business
    -  The Chairman’s Report and Financial Statements for the year ended 31-12-2017.
    -   Management Discussions and Analysis report for the year ended 31-12-2017
    -   The Code of Corporate Governance report for the year ended 31-12-2017
    -   Other related documents as required under regulations

2. Recommend payment of dividend of RO 2.7 M for approval by Annual General Meeting

3. Recommend Board Remuneration framework for approval by Annual General Meeting

4. Ratification of decision taken by circulation to announce the unaudited financial performance for the year ended 31-12-2017

5. Recommend reappointment of EY as the external auditors of the Company for 2018 on the same terms as in 2017

6. Convening Annual General Meeting 22 Mar 2018

7. Approve the following Governance related items
- Board Induction Pack
- System of Governance
- Portfolio Strategy Statements
- Reinsurance Program for 2018
- MLRO's report

Feb 15, 2018 | 03:09PMMUSCAT THREAD MILLS
Company
INVITATION TO THE ANNUAL ORDINARY GENERAL MEETING

The Board of Directors Muscat Thread Mills (SAOG) is pleased to invite the Company’s shareholders to attend  the company’s ordinary Annual General Meetings,  to be held at 3 PM, on Tuesday,  06/3/2018 at the company’s premises at Road Number 18, Rusayl Industrial Estate, Rusayl, Muscat to discuss the following agenda:

1. To consider and approve the Board of Directors’ report for the financial year ended on 31/12/ 2017.

2. To consider and approval of the Board of Directors performance report for the financial year ended on 31/12/2017.

3. To consider and approve the corporate governance report for the financial year ended on 31/12/ 2017.

4. To consider the Auditors’ Report and to approve the Financial Statements, Balance Sheet and Profit & Loss Account for the financial year ended on 31/12/ 2017.

5. To consider and approve the proposed final cash dividend to Shareholders, as per the date of the meeting, at the rate of (5%) of the company’s capital (5 baizas for each share) for the financial year ended on 31/12/ 2017.

6. To consider and approve the proposal to distribute bonus shares to shareholders, as per the date of meeting, at 5% of the capital, at a rate of 5 Baiza per share. As a result of this distribution, the number of shares of the company will increase from 15,155,731 shares to 15,913,518 shares

7. To approve the sitting fees of the Board meetings paid to the Board of Director’s members for previous financial year ended 31/12/ 2017 and to determine the sitting fees for the next fiscal year ending on  31/12/ 2018.

8. To consider theamounts allocated and spent for the company’s social responsibilities for the year ended on 31/12/ 2017.

9. To discuss and approve the proposed allocation of OR 2,000 to fulfill the company’s social responsibilities for the year ending on 31/12/ 2018.

10. To approve the criteria for measuring the performance of the Board of Directors for the financial year ending 31/12/2018.

11. To appoint an independent entity to evaluate the performance of the Board of directors for the fiscal year ending on 31/12/2018 and determine their fee.

12. The appointment of the Auditors for the Company for the financial year ending 31/12/ 2018.

Accordance with the Company’s Articles of Association, any shareholder is entitle to authorize in writing any other person to attend the meeting and vote on its  decisions on his behalf, provided the authorization is made from the authorization card attached to the invitation. Natural persons should attach ID (for adults) or a copy of the passport (for ladies and minors) or residence card and passport for non-Omanis. For juristic persons, the authorization should be signed by any authorized signatory. The authorization form should carry the stamp of the company and include a copy of the commercial registration of the company and specimen of the authorized signature

Shareholders are requested to arrive about half an hour before the scheduled meeting time.

For further information please contact  Financial Manager Mr. Manish R Rachh on 2444 6806

 

Legal Advisor                                      Auditor                                    Chairman

Feb 15, 2018 | 01:18PMOMAN CEMENT
Company
Audited financial statements for the year ended 31st December, 2017

After Compliments,

 

Oman Cement Company (SAOG) is pleased to inform the investors the following highlights of audited financial statements for the year ended 31st December, 2017 approved by its Board of Directors on 15th February 2018, subject to approval of shareholders in Annual General Meeting scheduled to be held on 18th March, 2018.

 

1.The profit before tax for the year 2017 is RO 12,819,926/- (Rials Omani Twelve Million Eight Hundred Nineteen Thousand Nine Hundred Twenty Six only) as compared to RO 14,483,168/- (Rials Omani Fourteen Million Four Hundred Eighty Three Thousand One Hundred Sixty Eight only) for the year 2016.

 

2.The profit after tax for the year 2017 is RO 9,591,853/- (Rials Omani Nine Million Five Hundred Ninety One Thousand Eight Hundred Fifty Three only) as against RO. 12,876,065/- (Rials Omani Twelve Million Eight Hundred Seventy Six Thousand Sixty Five only) for the year 2016.

 

3.The Board of Directors recommended a dividend of 30% of paid-up capital i.e. 30 Baiza per share subject to approval of shareholders in the Annual General Meeting.

 

 

Regards

Salim Abdullah Al Hajri

Chief Executive Officer

Feb 15, 2018 | 09:17AMMUSCAT GASES
Company
Summarised audited financial results for the year ended 31st December 2017

Muscat Gases Company SAOG had its Board of Directors meeting on 14th February 2018, the Board approved the Audited Financial Statements for the year ended 31st December 2017.  The Board proposed cash dividend of RO 2,159,009  ,71.9669% (0.0719669 RO per share) subject to the approval of shareholders at the AGM to be held on 13-03-2018

 

Particulars

 

2017  (RO)

2016 (RO)

%

 

Total Revenue

 

10,660,176

 

9,312,927

 

14%

 

Total  expenses

 

-9,273,410

 

    -8,508,441

 

 9%

 

Net Profit after tax

 

1,386,766

 

804,486

 

    72%

 

Earning  per share

 

0.046

 

0.027

 

   70%

 

Net asset per share

 

0.291

 

0.275

 

 6%

** Please note that all the above mentioned figures are subject to the approval of

     Shareholders at the AGM to be held on 13-03-2018. Tuesday.

Feb 15, 2018 | 09:14AMOMAN FLOUR MILLS
Company
Appointment of GM for Sohar Flour Mills LLC

Mr Endrik Mehlo, Chief Operating Officer of OFM will be joining Sohar Flour Mills LLC (a 60% subsidiary of OFM) as its General Manager from 1st March 2018. He will continue to support OFM, if needed, till end of this year. The existing employees of OFM are experienced and trained to ensure  the operations are not affected and are carried out smoothly.

Mr Endrik is a qualified milling engineer from German milling school having over 20 years experience in the flour milling industry worldwide.

Feb 15, 2018 | 08:50AMOMAN AND EMIRATES INV. HOLDING
Company
APPOINTMENT OF NEW INTERNAL AUDITOR

Mr. Shah Abbas Jaffer Rizvi has been appointed as Internal Auditor of Oman & Emirates Investment Holding Company SAOG pursuant to Board resolution on 7th November 2017 . He joined the services of our Company with effect from 14/2/2018 . He comes with a rich experience in auditing function from chartered accountancy background with almost 10 years of experience in audit with Ernst & Young as well as he is holding a degree in Bachelor of Commerce .

 

 

Regards

 

 

 

Awad Mohammed Bamkhalef

Chief Executive Officer

 

Feb 14, 2018 | 06:43PMUNITED POWER
Company
Resolution of the Board of Directors' in its meeting held on February 14, 2018

We are pleased to inform you  that the Board of Directors of United Power Company (SAOG) resolved  the following  in its meeting held on February 14, 2018 :

1-  The Board approved the audited Financial Statements of the Company for the year ended 31 Dec 2017 along with the Board of Directors’ Report, Management Discussion Analysis Report and Report on Code of Corporate Governance.   

2- The Board recommended to distribute  final cash dividends for the financial year ended 31/12/2017, subject to the approval of the Shareholders in the forthcoming AGM, as follows:

              

-  Ordinary shareholders at 150% of the nominal value (One Rial and Five Hundred Baiza for each share).             

-  Preference shareholders: The Dividends will be  determined after Capital Market Authority’s approval   of the Board of Directors' proposal, but not less than 150% (One Riyal and five hundred Baiza per share)

 

The entitlement of final dividends is for the Company’s shareholders registered with Muscat Clearing & Depository Company SAOC on the AGM date to be held on 8 March 2018. 

Feb 14, 2018 | 04:11PMCOMPUTER STATIONERY IND.
Company
Notice of the Annual Ordinary General Meeting

NOTICE OF THE ANNUAL ORDINARY GENERAL MEETING

 

 

The Board of Directors of Computer Stationery Industry SAOG is pleased to invite the company’s shareholders to attend the Annual General Meeting to be held on 6th of March 2018 (Tuesday), 5 p.m. at Al Falaj Hotel, to discuss and approve the following Agenda.

 

1. To consider and approve the Report of the Board of Directors for the financial year ended on 31/12/2017.

 

2. To consider and Approval of the Board of Directors performance report for the financial year ended 31/12/2017.

 

3. To consider and approve the Report on Corporate Governance of the company for the financial year ended on 31/12/2017.

 

4. To consider the Auditor’s Report and approve the Balance Sheet and Profit and Loss Account for the financial year ended on 31/12/2017.

 

5. To consider and approve the proposed final cash dividend to Shareholders, as per the date of the meeting, at the rate of 7% of the company’s capital (per share 7 baisa for each share) for the financial year ended 31/12/2017.

 

6. Approval of the sitting fees to the Board Directors meetings and its Sub-committees, for the financial year ended on 31/12/2017 and determine the fees for the forthcoming financial year.

 

7. To inform the meeting of the related party transactions entered into during the financial year ended on 31/12/2017.

 

8. To consider and approve the transactions with related parties for the current financial year ending on 31/12/2018.

 

9. To consider the amounts allocated and spent for the company’s social responsibilities for the year ended on 31/12/2017.

 

10. To consider and approve a proposal to spend an amount of R.O 1,500 for the Corporate Social Responsibility for the financial year ending on 31/12/2018.

 

11. To Approve the criteria for measuring the performance of the Board of Directors for the financial year ending 31/12/2018.

 

12. To appoint an independent expert to evaluate the performance of the Board for the financial year ending 31/12/2018 and determine their fees.

 

13. To elect a new Board of Directors for the Company from amongst Shareholders or non-shareholders. Any person who wishes to be nominated to the Board of Directors of the Company is required to fill in a Director’s Nomination Form. Such a form can be obtained from the Company. The completed Form should be delivered to the Company at least two (2) business days prior to the date of the Annual Ordinary General Meeting of the Company (by the end of business hours on Thursday, 1st March 2018). The Company will not accept any application received after this date. If the candidate is a shareholder, according to the company’s Articles of Association of, he/she should own (10,000) shares at the date of the meeting.

 

14. To appoint the Auditors’ for the financial year ending 31/12/2018 and approve their fees.

 

According to the Company’s Articles of Association, the Shareholders shall have the right to depute any person to attend the meeting and vote on their behalf, provided voting should be made on Muscat Depository & Clearance Company (MCDC) form attached herein with. Adult natural persons are requested to attach the proxy with their ID card copy or passport copy for minors and women. Expatriates are requested to enclose their ID card or passport copy. Juristic person proxy should be sealed and signed by authorized signatory and enclosed with CR certificate and authorized signatories form copies.

 

You are requested to be present at the AGM venue, at least, half an hour prior to the meeting fixed time.

 

In case of any inquiry about the AGM, please contact Ashraf Adel Mohamed on 99378137

 

 

Chairman                                Auditors                                        Legal Advisor

 

Feb 14, 2018 | 03:53PMSWEETS OF OMAN
Company
Proposed dividend for the year 2017‎

The Board of Directors of Sweets of Oman SAOG held a meeting on 14th  February 2018 and recommended a cash dividend of  20 % ( 20  Bzs per share) for the year 2017.

 

The above is subject to the approval by the Annual Ordinary General Meeting scheduled to be held on the 14th March 2018.

Feb 14, 2018 | 03:00PMGULF MUSHROOM PRODUCTS
Company
Audited accounts for year ended 31.12.2017

UPLOADING OF AUDITED ACCOUNTS FOR THE YEAR ENDED 31.12.2017

 

Gulf Mushroom Products Company SAOG has posted on the MSM website on 14 February 2018, Company’s  audited annual reports for the year ended 31 December 2017 which include – auditors’ report, audited financial statements,  Chairman’s report, Corporate governance report and Management discussion & analysis report.

Feb 14, 2018 | 01:20PMOMAN CEMENT
Company
An interactive session

After Compliments,

 

We have pleasure to inform that there will be an interactive session to present the highlight of the performance of the company during the year 2017 at Sheraton Hotel, Ruwi, Muscat at 2 PM on 15.02.2018. 

 

All stake holders are cordially invited and can confirm their participation at deepakdiskshit@omancement.com.

 

Regards

Salim Abdullah Al Hajri

Chief Executive Officer

Feb 14, 2018 | 09:50AMSOHAR POWER
Company
Resignation of a director

The Board of Directors of Sohar Power Company SAOG (“the Company”) wishes to inform the Muscat Securities Market and the investors’ community that on 13 February 2018 the Company received the resignation of Mrs. Anne-Stephanie Nguyen Qui from the Board of Directors and the Nomination and Remuneration Committee effective from 12 February 2018 for relocation outside the Middle East .

Feb 14, 2018 | 08:48AMOMAN CHROMITE
Company
Invitation to Attend the Ordinary Annual General Meeting

The Board of Directors of Oman Chromite Company (SAOG) is delighted to invite the shareholders of the company to attend the Ordinary Annual General Meeting Scheduled to be held on Monday, 5Th March 2018, at 5:00 PM at the Conference Hall, at Chamber of Commerce and Industry Building-Sohar       to consider the following agenda:

 

  1. Consideration and approval of the report of the board of directors for the financial year ended on 31st December 2017.
  2. Approval of the report of appraising the board of directors' performance for the financial year ended on 31st December 2017. (As per the attachment).
  3. Consideration and approval of corporate governance report for the financial year ended on 31st December 2017.
  4. Consideration of the auditor’s report and approval of the balance sheet and the profit and loss account for the financial year ended on 31st December 2017.
  5. Consideration and approval of a proposal to distribute cash dividends of (16%) at the rate of (160) baizes per share.
  6. Approval of sitting fees for the directors and subcommittees for the past year and determination of the fees for the next financial year .
  7. To notify AGM with the transactions and contracts that the company has entered into during the financial year ended on 31/12/2017 with related parties.              
  8. To inform the shareholders about the donations spent to support local society during the Financial year ended on 31/12/2017 
  9. Consideration and approval of a proposal to donate amount of (R.O 30000) thirty thousand for the local society for the financial year ending on 31/12/2018.
  10. Appointment of the auditors of the company for the financial year ending on 31/12/2018 and specify their fees.
  11. Approval of Criteria for appraising the board of directors' performance. 
  12. Appointing an independent entity to measure the performance of the members of the Board of Directors within the financial year ended 31/12/2018 & specify their fees.

 

In accordance with the Company’s Articles of Association and Amendments Thereto, any shareholder is entitled to authorize any other person to attend the meeting and vote, provided that the authorization should be done on the proxy attached to the notice. Any natural person should attach his ID card for an adult, or a copy of the Passport for ladies and minors, or a Resident Card and Passport for non-Omanis. The proxy should be signed by one of the authorized signatories and carry the Company’s stamp with a copy of the commercial registration and the specimen of the authorized signatures.

To prevent delay in starting the meeting shareholders are requested to arrive about half an hour before the scheduled   meeting time.

 

For more details and information you can call Ms. Nadia Bint Hassan Al-lawati on telephone No (26845115) Ext 115.

 

 

Feb 14, 2018 | 08:24AMSEMBCORP SALALAH
Company
Board Meeting 13 February 2018

The Board of Directors of Sembcorp Salalah Power & Water Company SAOG (“the Company”) is pleased to advise the Capital Market Authority, the Muscat Securities Market and the investor community of the following material resolutions made at the meeting of the Board of Directors (the “Board”) held on 13 February 2018:

  1. The Board approved and authorised for issuance the Company’s Financial Statements and annual report for the year 2017;
  2. The Board approved the Code of Corporate Governance report for the year 2017;
  3. The Board proposed the distribution of final cash dividend of Baizas 3.1 per share (3.1% of issued share capital), giving a total dividend for 2017 of Baizas 10.3 per share to the Shareholders who are registered in the Company Shareholders’ register with Muscat Clearance & Depository Company SAOC on 1 April 2018;
  4. The Board will seek Shareholders’ authorisation at the Annual General Meeting to approve the payment of an interim dividend not exceeding Baizas 10 per share (10% of the issued share capital of the Company) for the nine month period ending 30 September 2018, to shareholders listed in the shareholders’ register maintained by the Muscat Clearing and Depository Company SAOC as at 1 November 2018.
Feb 13, 2018 | 05:22PMNATIONAL DETERGENT
Company
Decisions of Board of Directors meeting held on 13th February 2018

The Board of Directors of M/s The National Detergent Co. SAOG has taken following decisions in their meeting held on 13th February 2018:

 

  1. The Board has approved the Financial Statements for the year ended  31 December 2017 in which the company has achieved a net profit after tax of RO. 847,246 (previous year RO 1,107,711). These financial statements are subject to the approval of the Shareholders at Annual General Meeting to be held on 12th March 2018.

 

  1. The Board has proposed a cash dividend of 45 Bz per share (45% of the face value of share), for the year ended 31 December 2017 subject to the Shareholders’ approval at Annual General Meeting to be held on 12th March 2018.

 

  1. Mr. Sanjay Tiwari representing M/s Al Anwar Holding SAOG. has been appointed as Temporary Director in the Board of Directors’ meeting held on 13th February 2018. He will continue as Temporary Director till the next Annual General Meeting.

 

 

 

 

 

For The National Detergent Co. SAOG

 

 

 

 

 

 

V. Sundaresan

CEO

 

Date: February 13, 2018

Feb 13, 2018 | 04:06PMOMANI EURO FOODS INDUSTRIES
Company
Uploading the audited financial statements for the year ended on 31/12/2017

Uploading the audited financial statements for the year ended on 31/12/2017

 

This is to inform shareholders that Omani Euro Food Industries SAOG has uploaded Audited Financial Statements for the year ended 31st December, 2017 on MSM Website.

 

General Manager

Feb 13, 2018 | 03:52PMOMANI EURO FOODS INDUSTRIES
Company
Disclosure of the decisions taken at the Board Meeting held on 13th February, 2018

Disclosure of the decisions taken at the Board Meeting held on 13th February, 2018.

1) Disclosure of Annual Audited Results:-

The Board of Directors at their Meeting held on 13th February, 2018 has approved the Audited Financial Results for the year ended on 31st December, 2017.

Key Financial Results are as under:-

Description  

31-12-2017

31-12-2016

%

 

Ro in 000s

 

Total Revenue

1827

1746

+5

Total Expense

1918

1912

+0.3

Net Profit/(Loss) Before Tax

(91)

(166)

-45

Net Profit/(Loss) after Tax

(91)

(166)

-45

BasicLoss per share

(0.045)

(0.083)

 

Net Assets per share

0.039

0.084

 

 

The Audited Financial Statements are subject to approval by Shareholders of the Company at the Annual General Meeting of the Company.

(2) The Capital has been eroded by 96%, hence the Board decided to hold Extra Ordinary General Meeting.

(3) The Board of Directors approved the revised the sitting fees @ RO 650/- for Board Meeting and @ RO 400/- for Audit Committee and Nomination & Remuneration Committee Meeting.

 

 

General Manager

Feb 13, 2018 | 03:47PMHOTELS MANAGEMENT CO. INT.
Company
AGM invitation dated 12 March 2018

Invitation for attending Annual Ordinary General Meeting

 

The Board of Directors of Hotels Management Company International S.A.O.G(the “Company”) is delighted to invite the shareholders of the Company to attend the Ordinary Annual General Meeting scheduled to be held at 17:00 on Monday,  March 12th.2018 at the Chedi Muscat (Salalah Room) to discuss the following agenda:-

 

1-     Consideration and approval of the report of Board of Directors for the financial year ended 31.12.2017.

2-     Consideration and approval of the appraising the performance of the board report for the financial year ended 31.12.2017.

3-     Consideration and approval of Corporate Governance Report for the financial year ended 31/12/2017.

4-     Consideration of the auditor’s report and approval of the statement of comprehensive income and statement of financial position for the financial year ended 31/12/2017.

5-     Consideration and approval of a proposal to distribute cash dividends to the share holders as of the meeting date for the financial year ended 31/12/2017 at the rate of 100% of the share capital (RO1.000 for each share).

6-     Approval of the sitting fees for the directors and the BOD subcommittees for the past financial year ended 31/12/2017 and determination of the fees for the next year 2018.

7-     Consideration and approval of directors’ remuneration at OMR 55,400 (OMR fifty five thousands four hundred only) for the financial year ended 31/12/2017.

8-     Informing the meeting of the related party transactions during the financial year ended on 31/12/2017 .

9-     Consideration and approval of the proposed  related party transactions during the financial year ended on 31/12/2018 

10-   Informing the meeting of the donations paid for community service during the financial year ended on 31/12/2017.

11-   Consideration and approval of allocation of OMR 20,000 (OMR twenty thousand only) for support of community service during the financial year ending 31/12/2018.

12-   Appointment of statutory auditors for the company for the financial year ending 31/12/2018 and specifying their fees.

13-   Approving the benchmark and standards set for appraising the performance of the board of directors  for the financial year ending 31/12/2018

14-   Appointment of a third party for appraising the performance of the Board of directors for the financial year ending 31/12/2018 and specifying their fees.

 

  Pursuant to the company’s articles of association, any shareholder shall be entitled to authorize any other person in writing, to attend the meeting and vote on the resolutions adopted on his behalf; provided that such authorization shall be made on the proxy form attached hereto.  If the authorized person is a natural person he is required to attach with the proxy a copy of the ID card for adults, passport for females and minors who don’t carry ID card and  resident card or passport for expatriates. With respect to a juristic person, the proxy card shall be signed by an authorized signatory and stamped with company stamp and a copy of the commercial registration certificate and authorized signatories form attached thereto..

Shareholders are requested to make themselves available at the venue at least half an hour before time. If you have any queries please call Mrs. Hadeel Abu Salha on phone No. 24524422.

 

      Board Chairman                                Accounts Auditor                                         Legal Advisor

Feb 13, 2018 | 09:17AMOMAN QATAR INSURANCE
Company
Decisions of Board Meeting held on 12th February 2018

The Board of Directors of Oman Qatar Insurance Company SAOG has met on 12 February 2018 and approved the Audited Financial Statement for the year ended 31 December 2017. Further, the Board of Directors has proposed a cash dividend of Baisa 8 per share (8% of the paid up share capital) for the year ended 31 December 2017, which is subject to the approval of the shareholders at the Annual General Meeting to be held on 21 March 2018.

Financial Summary as below:

Details

2017

2016

Change

RO

RO

%

Gross written premium

        23,379,184

        21,381,481

9%

Net insurance income

          2,653,846

          1,680,812

58%

Other Income

              234,807

              149,823

57%

Investment income

          1,165,468

              694,710

68%

Total Income

          4,054,121

          2,525,345

61%

General and administrative expenses

        (1,936,951)

        (1,777,367)

9%

Net profit before tax

          2,117,170

              747,978

183%

Income tax expense

           (244,825)

              (29,273)

736%

Net profit after tax

          1,872,345

              718,705

161%

Earnings per share - basic and diluted

.024

.012

100%

Net assets per share (Rial Omani)

.150

.205

(27%)

 

Regards,

Navin Kumar

Chief Executive Officer

Feb 12, 2018 | 11:30PMGULF MUSHROOM PRODUCTS
Company
Annual audited accounts for the year ended 31.12.2017

Annual audited accounts for the year 2017

After Greetings !

 

The Board of directors of Gulf Mushroom Products Company SAOG in the Board Meeting held on 12 February 2018 has approved the annual audited results for the year ended 31 December 2017.

 

 

Year  2017

Year  2016

Change %

 

OMR

OMR

 

Total Revenues

 6,628,405

 6,270,135

6%

Total Expenses

(6,240,260)

(5,906,190)

6%

Profit before tax

  388,145

  363,945

7%

Tax

 (84,563)

 (46,844)

81%

Profit after tax

 303,582

 317,101

(4)%

 

 

 

 

 

The audited financial statements and other reports will be presented to the shareholders for approval in the Annual General Meeting which is scheduled to be held on 13 March 2018.

Feb 12, 2018 | 06:58PMDHOFAR INSURANCE
Company
Resolution of the Board of Directors

The Board of Directors of Dhofar Insurance Company SAOG resolved during its session  held on Sunday 11tht . February 2018 the following  :

1-Approved the Audited Financial Statements for the year ended on 31/12/2017

2- Invite shareholders of the company to attend the Annual General Meeting and Extra Ordinary General Meeting to be held on 28/3/2018

Feb 12, 2018 | 05:00PMAL ANWAR HOLDING
Company
Unaudited condensed interim consolidated financial statement for third quarter ended 31 December 2017

We have uploaded our un-audited condensed interim consolidated financial statement for third quarter ended 31 December 2017 duly reviewed by the audit committee and approved by the members of the board on 12 February 2018.

 

Your company has achieved a consolidated group net profit, after tax, attributable to shareholders of parent company, of OMR 3.873 million for nine months ended 31st December, 2017 as against OMR 3.314 million for nine months ended 31st December, 2016, an increase of 17%.

The earning per share (EPS) was 19 Baisa for the period ending as on 31st December, 2017 as against EPS of 17 Baisa for the period ending as on 31st December, 2016, adjusted for the stock dividend declared in 2017.

Net asset per share of the group is 179 Baisa per share as on 31st December, 2017, on the increased capital due to stock dividend, as against 193 Baisa per share as on 31st December, 2016.

Regards,

 

Sanjay Kumar Tiwari

Acting CEO

Feb 12, 2018 | 09:32AMNATIONAL SECURITIES
Company
Approval of the Audited Statements for the Financial Year ended 31/12/2017

The Board of Directors met on   Sunday, 11th February 2018, has decided on approval the draft audited financial statements for the financial year ended 31 December 2017. The final results are as follows: 

Description

FY ended Dec 31st, 2017

 

in RO

FY ended Dec 31st, 2016

 

in RO

Change %

Operating Revenues

138,844

136,070

2%

Trading Results

(279،959)

215,719

-230%

Total Expenses

(486,838)

(571،336)

-15%

Fair Value changes on investments through profit or (loss)

0

284،198

-100%

Impairment of available for sale investment

-

(74,358)

-100%

Net Profit (loss) before tax

(627,953)

(9,707)

-

Income Tax 

-

-

-

Net Profit (loss) after tax

(627,953)

(9,707)

-

Adjustment fair value reserve on available for sale investment

(5,748)

(32،617)

-82%

Impairment charge from fair value reserve on available for sale investment

-

43,796

-

Total comprehensive Income (loss)

(633,701)

1،472

-100%

Profit (loss) per share

(0.032)

-

-100%

Book Value per Share 

0.012

0.044

-73%

Feb 12, 2018 | 09:22AMNATIONAL SECURITIES
Company
Board Resolution to call for an Extra General Meeting (EGM)

The Board of Directors met on   Sunday, 11th February 2018, has decided to call for an Extra General Meeting (EGM) to discuss the Company’s Financial situation after losing more than three quarters of the capital, according to rule (129) of company’s law 4/74  

Feb 12, 2018 | 09:21AMOMAN REFRESHMENT
Company
Invitation to attend the Annual & Extra-ordinary General Meetings

The Board of Directors Oman Refreshment Company (SAOG) is pleased to invite the Company’s shareholders to attend  the company’s Extra ordinary general meeting and ordinary Annual General Meetings,  to be held at 3  PM, on Tuesday ,  27th February 2018  at Al Falaj Hotel in Ruwi to discuss the following agenda:

First: Agenda of the Extraordinary General Meeting

1-      To consider and approve the amendment of article (25) of the company’s article of association, which will be applicable during the next election of the Board members .

 

Second: Agenda of the Annual General Meeting

1-      To consider and approve the Board of Directors’ report for the financial year ended on 31/12/ 2017.

 

2-      To consider and Approval of the Board of Directors performance report for the financial year ended on 31/12/2017.

 

3-      To consider and approve the corporate governance report for the financial year ended on 31/12/ 2017.

 

4-     To consider the Auditors’ Report and to approve the Financial Statements Balance Sheet and Profit & Loss Account, for the financial year ended on 31/12/ 2017.

 

5-     To consider and approve the proposed final cash dividend to Shareholders, as per the date of the meeting, in the rate of (75%) of the company’s capital of per share 75 baizas for each share) for the financial year ended on 31/12/ 2017.

 

6-      To approve the sitting fees of the Board meetings paid to the Board of Director’s members for previous financial year ended 31/12/ 2017, and to determine the sitting fees for the next fiscal year ending on  31/12/ 2018.

 

7-      To consider and approve the proposal of distributing the total sum of RO 169,400/-  as remuneration for the Board of Directors of the Company for the financial year ended on 31 /12/2017.

 

8-      To consider and approve the transactions entered into by the company with related parties during the fiscal year ended on 31/12/2017.

 

9-      To consider and approve the transactions the company will enter into with related parties during the financial year ending on 31/12/2018.

 

10-  To consider theamounts allocated and spent for the company’s social responsibilities for the year ended on 31/12/ 2017.

 

11-  To consider and approve an amount of RO 100,000 for Corporate Social Responsibility programs, for the year ending on 31/12/ 2018 which shall be used out of the 2018 profit.

 

 

12-  To approve the criteria for measuring the performance of the Board of Directors for the financial year ending 31/12/2018 .

 

13-  To appoint an independent entity to evaluate the performance of the Board of directors for the fiscal year ending on 31/12/2018, and to approve their fees.

 

14-  To elect a new Board of Directors for the Company from amongst Shareholders or non-shareholders. Any person who wishes to be nominated to the Board of Directors of the Company is required to fill in a Director’s Nomination Form. Such a form can be obtained from the Company. The completed Form should be delivered to the Company at least two (2) business days prior to the date of the Annual Ordinary General Meeting of the Company (by the end of business hours on Thursday 22nd February 2018). The Company will not accept any nomination form received after this date. If the candidate is a shareholder, according to the company’s Articles of Association, he/she should own (72,500) shares at the date of the meeting, in accordance to the proposed amendment to article (25) of the Articles of Association, if it was approved by the abovementioned Extraordinary General meeting.

 

15-  The appointment of the Auditors for the Company for the financial year ending 31/12/ 2018 and approve their fees.

 

Accordance with the Company’s Articles of Association, any shareholder is entitle to authorize in writing any other person to attend the meeting and vote on its  decisions on his behalf, provided the authorization is made from the authorization card attached to the invitation. Natural persons should attach ID (for adults) or a copy of the passport (for ladies and minors) or residence card and passport for non-Omanis. For juristic persons, the authorization should be signed by any authorized signatory. The authorization form should carry the stamp of the company and include a copy of the commercial registration of the company and specimen of the authorized signature

Shareholders are requested to arrive about half an hour before the scheduled meeting time.

For further information please contact Mr. Sulaiman Abdullah Al Salmi, on phone No 2458 9140.

Feb 12, 2018 | 09:04AMUBAR HOTELS and RESORTS
Company
Amendment to the previously disclosed initial un-audited financial results

UBAR HOTELS & RESORTS SAOG AND ITS SUBSIDIARY

 

PARENT COMPANY AND CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2017

 

 

Amendment to the previously disclosed initial un-audited financial results:

Tax Provision Revised: RO-113,984 (Parent) & RO-131,848 (Group)

 

 

 

 

Parent company

 

Group

 

Note

2017

 

2016

 

2017

 

2016

 

 

RO

 

RO

 

RO

 

RO

 

 

 

 

 

 

 

 

 

Revenue

7

2,519,755

 

1,683,530

 

5,322,557

 

4,825,914

Operating costs

8

(1,892,064)

 

(1,557,641)

 

(4,512,938)

 

(4,050,151)

Operating profit

 

627,691

 

125,889

 

809,619

 

775,763

Finance income

23

185,872

 

233,033

 

-

 

420

Finance cost

23

(208,628)

 

(246,729)

 

(249,180)

 

(282,660)

Other income - net

10

500,109

 

282,906

 

(2,793)

 

35,676

Profit before taxation

 

1,105,044

 

395,099

 

557,646

 

529,199

Taxation

11

(113,984)

 

(13,948)

 

(131,848)

 

(56,530)

Profit and total comprehensive income for the year

 

991,060

 

381,151

 

 425,798

 

472,669

Attributable to:

 

 

 

 

 

 

 

 

Equity holders of the Parent Company

 

991,060

 

381,151

 

 425,798

 

472,669

Basic and diluted earnings per share attributable to equity holders of the Parent Company

12

0.020

 

0.008

 

0.009

 

0.009

 

 

 

Feb 11, 2018 | 05:12PMAL BATINAH POWER
Company
Appointment of a member of the Board of Directors, Audit Committee, and Nomination and Remuneration Committee

Al Batinah Power Company SAOG (the “Company”) advises the Capital Market Authority, the Muscat Securities Market and the investors’ community as follows:

 

The Board of Directors of the Company approved appointment of Mr. Ryuji Kikuchi on 11 February 2018 as:

1)      a member of the Board of Directors of the Company as representative of Blue Horizon Sohar Power B.V., a juristic person, in place of Mr. Hachiman Yokoi who has tendered his resignation in January 2018,

2)      a member of the Audit Committee, and

3)      a member of the Nomination and Remuneration Committee.

 

Mr. Ryuji Kikuchi has more than 10 years of experience in power generation industry in various countries including Oman, UAE, India, Vietnam, Mexico etc. and holds a degree in architecture and a Masters degree in business administration with specialisation in general management.

Feb 11, 2018 | 04:36PMAL OMANIYA FINANCIAL SER.
Company
AUDITED RESULTS FOR THE YEAR ENDED 31 DEC 2017

Al Omaniya Financial Services held their board meeting on 11 February 2018 and approved the audited financials for the year 2017.  This is subject to the approval of the Central Bank of Oman and the AGM.

 

We give below the significant performance indices of the financial results:

                                                                                                   Amount in RO ‘000s

 

31-12-2017

31-12-2016

Percentage of change

Total Revenue

19,790

18,963

4.36

Interest cost

(6,470)

(6,256)

3.42

Net Income

13,320

12,707

4.82

Total Expenses including depreciation

(4,737)

(4,834)

(2.01)

Profit before General Provision and Tax

8,583

7,873

9.02

Allowance for general impairment

(3,100)

(1,601)

93.63

Reversal of taxed provision for impairment

2,939

-

 

Net Profit before Tax

8,422

6,272

34.28

Income Tax Expense – Current Tax

(1,000)

(961)

                  4.06

Deferred Tax Adjustment

(441)

-

 

Net Profit after Tax

6,981

5,311

31.44

Gross installment Finance Receivables (net of unearned income)

222,800

247,619

(10.02)

Accumulated allowance for Impairment & Reserve Interest

6,055

8,723

(30.59)

Net installment Finance Receivables

216,745

238,896

(9.27)

Total Non-Performing Loans (NPL) without adoption of BM977

2,151

2,230

(3.54)

Total Non-Performing Loans (NPL) with adoption of BM977

2,863

2,350

21.83

Net Worth for all regulatory purposes

70,366

67,944

3.56

 

The Board of Directors recommended a dividend of 20% of the Paid-up Capital for the year 2017 comprising 17% cash, and 3% Compulsorily Convertible Unsecured Bonus Stock Bonds.  The Compulsorily Convertible Unsecured Bonus Stocks Bonds is payable from Share Premium account.  This is subject to the approval of the CBO and the AGM.  As per Board approval, an amount of RO 2,497,937 (net) transferred from retained earnings to Special Reserve for Non-Performing Assets.

 

Best Regards,

 

AFTAB PATEL

Chief Executive Officer

Feb 11, 2018 | 03:41PMUBAR HOTELS and RESORTS
Company
Financial Results for the year ended 31 December 2017 and proposed cash dividend

This is to inform you that the Board of Directors of UBAR Hotels & Resorts SAOG on its 1st BOD Meeting held on 11th February 2018 has approved the audited consolidated financial statements of the company for the year ended 31st December 2017. The Board of Directors has also decided to recommend a cash dividend of 4% on paid up share capital of the company amounting to 4 Baiza per share for the year ended 31st December 2017 subject to the approval in the Annual General Meeting on 20th March 2018.    

Feb 11, 2018 | 02:21PMAL ANWAR CERAMIC TILES
Company
Decisions of Board Meeting held on 11 February 2018

The Board in it’s meeting held on 11th February 2018 has decided on the following matters :

  

  1. The Board has adopted the Audited Accounts for the year 2017 subject to  approval of the AGM.

 

  1. The Board has proposed a cash dividend of  6 % ( 6 baizas per share)on the paid up capital of the company for the year 2017.

 

        3.  The Board has decided to hold the AGM on Wednesday, 21 March 2018.

Feb 11, 2018 | 01:37PMMUSCAT CITY DESALINATION
Company
Board of Directors resolutions disclosure

Further to the news published in the MSM website on 15th January 2018 regarding the Initial Annual Unaudited Financial Results for 2017, the Board of Directors of Muscat City Desalination Company S.A.O.G (the “Company”) in their meeting held on Thursday, 8 February 2018:

 

(i) approved the resignations of Mr Habib Bin Husin as Director and Chairman, and Mr Shinichi Hasegawa as Director, of the Company for personal reasons with effect from 8 February 2018;

 

(ii) approved the appointment of Mr Ahmad Fuaad Bin Mohd Kenali as the Chairman of the Company with effect from 8 February 2018;

 

(iii) approved the appointment of Mr Vishwanath Sankaranarayanan, a qualified chartered accountant and cost accountant with over 29 years of experience and Mr Sultan Al Ghaithi a qualified mechanical engineer with over 19 years of experience as temporary Independent Directors of the Company to fill in the vacancies of Mr Habib Bin Husin and Mr Shinichi Hasegawa;

 

(iv) reviewed and approved the audited financial statements of the Company for 2017, a summary as following;

 

Year   ended 31 December 2017

(RO   ‘000)

Audited

Year   ended 31 December 2016

(RO   ‘000)

Audited

Percentage   change

Total Revenue

15,593

12,671

23.6%

Total Expenses   including Finance costs

(13,850)

(11,373)

21.8%

Net Profit before Tax

1,743

1,298

34.3%

Tax Expense

(2,044)

-

-

Net Profit

(301)

1,298

-123%

 

Noted that the financial statements will be uploaded today

 

(v) approved the payment of interim cash dividends of 2.93 baiza (two baizas and ninety-three hundred of a baizas) per share to the shareholders of the Company who are the registered in the Company's register as on 28 February 2018 in accordance with the decision of the Ordinary General Meeting held on 27 December 2017;

 

(vi) proposed the payment of an interim cash dividend for an amount not exceeding 6.40 baiza (six baiza and forty hundred of a baizas) per share to the shareholders who are registered in the Company's register as at a date to be determined by the Board subject to shareholders approvals. A resolution to approve the distribution of this dividend in 2018 and authorise the Board to decide the exact amount and other details of this dividend will be presented to the shareholders at the Annual General Meeting to be held on 27 March 2018.

Feb 11, 2018 | 09:49AMCOMPUTER STATIONERY IND.
Company
Upload of Audited financial statements for the year ended 31/12/2017

This is to inform shareholders that Computer Stationery Industry SAOG has uploaded Audited Financial Statements for the year ended 31 December 2017 on MSM Web Site.

Feb 11, 2018 | 08:56AMAL BATINAH HOTELS
Company
Important Decisions of Board Meeting Held on 08 February 2018

 

This is to inform that the Board of Directors has taken the following decisions in the board meeting held on 8th Feb 2018:-

The Board reviewed and approved the audited financial statements of the Company for the year ended 31 December 2017 along with the Board of Directors’ Report, Management Discussion and Analysis Report and Report on Code of Corporate Governance, and recommended for approval of the shareholders in the AGM proposed to be held on Monday 5th March 2018

 

Feb 10, 2018 | 10:58PMAL MADINA INVESTMENT
Company
Unaudited Financial statements for third quarter ending on 31 Dec 2017

The Board of Directors of Al Madina Investment Co S.A.O.G approved for un-audited financial statement for the third quarter ended 31 Dec 2017 the parent company and the Group .The net loss of the Parent and the Group stood at RO 476K and RO 541K respectively compared to loss of RO 1.14M and loss of RO 1.29M for the same period of the previous year.

Total assets of the parent company declined to RO 31M as on 31 December 2017 compared with 32.4M for the same period of the previous year. Total assets of the Group stood at RO 45M for the period ended 31 December 2017 compared to 47.3M for the same period of the previous year.

Shareholder`s equity for the parent company and Group stood at RO 23.8M for the period ended 31 December 2017, and RO 23.8M for the same period of the previous year. Net assets per share for parent and Group remained at 0.115 Bz.

 

Further details, are available at the MSM website.

Feb 08, 2018 | 06:39PMALMAHA PETROLEUM PRODUCTS MAR.
Company
Resolutions of the Board of Directors

The Board of Directors of Al Maha Petroleum Products Marketing Co. SAOG has met on 08 February 2018 and approved the unaudited financial statements for the year ended 31 December 2017.

Further, the Board of Directors has proposed a cash dividend of Baisa 65 per share ( 65% of paid up share capital ) for the year ended 31 December 2017, which is subject to the approval of the shareholders at the Annual General Meeting to be held on 15 March 2018. 

The summary of the 2017 unaudited financial results is given below:

 

 

Unaudited

2017

Audited

2016

Growth %

Sales

RO’000

430,512

402,216

7%

Other income

RO’000

1,778

1,930

(8%)

Cost of sales & Optg & Admn expenses

RO’000

(427,278)

(396,019)

8%

Net income after tax

RO’000

5,012

8,127

(38%)

Net Assets per share

RO

0.073

0.118

(38%)

 

 

For Al Maha Petroleum Products Marketing Company SAOG

 

 

Hamdi El Sayed

General Manager-Finance

Muscat: 08 Feb 2018

Feb 08, 2018 | 05:33PMMUSCAT FINANCE
Company
Decision taken at the Board meeting held on 08th February 2018

 

The Audited Financial results of the Company for the financial year 2017 were approved by the Board of Directors on 08th Feb 2018. These are subject to approval of the Central Bank of Oman and the Shareholders of the Company at the forthcoming Annual General Meeting scheduled for March 25, 2018

 The Financial Statement for the year 2017audited by Deloitte & Touche (M.E.) & Co. LLC, Statutory Auditors, were approved by the Board. Key results are as under:

                                                                                                                Amount in RO ‘000

Particulars

2017

2016

Change%

Gross Income

13,266

14,415

(8%)

Total Expenses

9,218

9,277

(1%)

Net Profit after tax

4,048

5,138

(21%)

Net investment in Finance debtors

141,911

149,858

(5%)

The Board recommended a Dividend of 13% comprising a Stock Dividend of 5% and a Cash Dividend of 8% for the year 2017, subject to approval of Central Bank of Oman and the Shareholders of the company.

 

 

Best Regards

 

 

Maneesh Srivastava

Chief Executive Officer

 

Feb 08, 2018 | 05:28PMOMAN PACKAGING
Company
Invitation to the Annual General Meeting

 

OMANI PACKAGING COMPANY SAOG

Invitation to the Annual General Meeting

The Board of Directors of Omani Packaging Company SAOG are pleased to invite the shareholders to the Annual General Meeting (AGM) scheduled to be held at Sohar Ball Room, Hotel Safeer Plaza, Al Khuwair, Muscat on Thursday  1 March, 2018 at 3.00 P.M. to consider the following agenda:

           Agenda for Annual General Meeting

1.0       To consider and approve the Board of Director’s report for the financial year ended 31 December, 2017.

2.0       To consider and approve the Code of Corporate Governance Report of company for the financial year ended 31 December 2017.

3.0       To approve the Performance Report of the Board of Directors for the financial year 2017.

4.0       To consider and approve the Auditors’ Report, Statement of Financial position at 31 December 2017 and Statement of comprehensive Income for the financial year ended 31 December 2017.

5.0       To consider and approve the proposal to distribute cash dividend at 20% on the paid up - share capital to shareholders holding share on the date of AGM i.e. RO 0.020 for each share.   

6.0       To approve the Directors sitting fee for the Board meeting, Audit Committee meeting, Nomination & Remuneration Committee Meeting and Director’s remuneration paid for the year 2017 and determine their remuneration for the year 2018.

7.0       To inform the General Meeting of the transactions and contracts that the company has entered into with the related parties for the Year 2017.

8.0       To consider and approve the transactions and contracts that the company will enter into with the related parties during the Year 2018.

9.0       To inform the General Meeting of donations made to support community services for the year 2017.

10.0     To consider and approve the proposal to allocate RO 1800, to support community services for the year 2018.

11.0     To approve the measures of the performance of the Board of Directors criteria.

12.0     To appoint Independent party to appraise the performance of the Board of Directors during the financial year ending 31 December 2018 and to fix their remuneration.

13.0     To appoint company statutory auditors for the financial year ending 31 December 2018 and to fix their remuneration.

 Pursuant to the Company’s articles of association a shareholder may depute any other person in writing to attend and vote on his behalf. The power of attorney (proxy) should be as per the Form issued by Muscat Depository & Clearance Company attached to the invitation. For natural person he must present his ID for adults, passport for women and minors who do not carry ID, Resident Permit or Passport for non-omani. For juristic persons power of attorney (proxy) should be signed and sealed by those who are authorized to sign on behalf of the company and enclosing the commercial registration of the company and copy of specimen signature.


Please attend the meeting venue at least half an hour before the meeting. 

For any clarification regarding the matters mentioned in above agenda please contact Sheikh. Ishaq Mohammed Al Hishami on telephone no. 24446652.

Note :

Omani Packaging Co. SAOG will deposit all unclaimed dividends to the Investors Trust Fund six months after the due date.  Shareholders are requested to call Muscat Clearing & Depository Co. (S.A.O.C) at Ruwi for any enquiries in this regard. 

 

Chairman               Auditors                    Legal Advisor

 

Feb 08, 2018 | 05:16PMOMAN PACKAGING
Company
Audited financial statements for the year ended 31 December 2017

Omani Packaging Co SAOG


The audited financial statements of the Company for the financial year ended 31 December 2017 has been uploaded.

Feb 08, 2018 | 11:15AMOOREDOO
Company
Follow up of dividends payment discloser

As a follow up of previous discloser dated 07 February 2018 regarding "proposed dividends payment", we would like to inform the market and investment community that the dividend amount is 42 Baiza per share

Feb 08, 2018 | 09:48AMOMAN CHLORINE
Company
Oman Chlorine has been awarded new contract from ORPIC

 

 

 

We are pleased to inform our shareholders that Oman Chlorine has been awarded new contract from ORPIC (Contract No. 4600003341) – Call Off Contract for supply of chemicals with estimated value of 1.5M OMR for a period of 3 years commencing on the date of signing the contract and is expected to have a positive impact on the company.

 

Feb 08, 2018 | 08:59AMPACKAGING CO. LTD
Company
Disclosing the financial statements for the year ended 31 December 2017

The financial statements of the Company's been uploaded, for the financial year ended 31 December 2017.

This news was sent to notify the distinguished shareholders.

Feb 08, 2018 | 08:33AMSAHARA HOSPITALITY
Company
Agenda for AGM on 27/02/2018

 

INVITATION TO ATTEND THE ANNUAL GENERAL MEETING

 

The Board of Directors of Sahara Hospitality Co. (S.A.O.G) (''Company'') are delighted to invite all shareholders of the Company to attend the annual ordinary general meeting to be held at 3.00 pm on Tuesday, 27 February 2018 at Business Hall in the Capital Market Authority building in Muscat to consider the following agenda:

 

Agenda:

1.

To consider and approve the Report of the Board of Directors for the financial year ended on 30 November, 2017.

 

2.

To approve the evaluation of the performance of the Board of Directors for the financial year ended on 30 November, 2017 .

 

3.

To consider and approve the Corporate Governance Report for the financial year ended on 30 November, 2017.

 

4.

To consider the Auditors Report and approve the Balance Sheet and Profit and Loss Account for the financial year ended on 30 November, 2017.

 

5.

To consider and approve the recommendation to distribute cash dividends at the rate of 15% of the issued share capital (150 Baizas per share) for the financial year ended on 30 November, 2017.  Cash dividend will be distributed to the shareholders as at the date of the meeting.

 

6.

To consider and approve the recommendation to distribute stock dividends at the rate of 5% of the issued share capital (5 bonus shares for each 100 shares) for the financial year ended on 30 November, 2017.  Bonus shares will be distributed to the shareholders as at the date of the meeting.  The approval of the distribution of the bonus shares will result in the increase of the issued share capital of the company from 5,833,333 shares to 6,125,000 shares of nominal value of Rial Oman 1 (One) each.

 

7.

To consider and approve directors’ remuneration amounting to RO.115,019 for the financial year ended on 30 November, 2017.

 

8.

To consider and ratify the related party transactions entered into during the financial year ended on 30 November, 2017 .

 

9.

To consider and approve the related party transactions proposed to be entered into during the financial year ending on 30 November 2018 .

 

10.

To approve the criteria for evaluating the performance of the Board of Directors .

11.

To appoint a third party to evaluate the performance of the directors for the year ending on 30 November 2018 and determining their fees.

12.

To appoint the auditors of the Company for the financial year ending on 30 November, 2018 and determining their fees.

 

 

Pursuant to the Articles of Association of the Company, any shareholder has the right to appoint a proxy in writing to attend and vote on decisions taken on his behalf.  The proxy should carry the authorized proxy card attached with the notice to attend the general meeting as issued by Muscat Clearing and Depository Company SAOC.  If the shareholder is a natural person, he is required to attach with the proxy card a copy of ID for adults, passport for females and minors who don’t have an ID card, and resident cards or passports for expatriates.  If the shareholder is a juristic person, the proxy card shall be signed by an authorized signatory and sealed with the Company’s seal and submitted together with a copy of the Commercial Registration certificate.

 

All invitees are requested to attend the meeting at least half an hour before the meeting time.

 

If you have any inquiries kindly contact Mr Biju George, Secretary to the Board on telephone No. 24769820.

 

 

Feb 07, 2018 | 05:27PMOMAN FLOUR MILLS
Company
Q2 Un-Audited Financial Statements for the 6 months ended 31-December 2017

Q2 Un-Audited Financial Statements for the 6 months ended 31-December 2017 have been approved by the Board of Directors in meeting held on 7th february 2018,and the same have been uploaded.

Feb 07, 2018 | 03:41PMOOREDOO
Company
Ooredoo Board recommends dividend payment of 0.042 Biza per share

Muscat, Oman, 7th February 2018:  Omani Qatari Telecommunications Company SAOG (“Ooredoo”) announces that following a meeting of the Ooredoo Board on 7th February 2018, the Directors have decided to recommend to shareholders a dividend payment of Bzs 0.042 per share, representing 88% of net profit for the year 2017. The dividend payment is subject to approval of shareholders at the AGM on 5th March 2018.

The Board of Directors also approved the audited financial statements for the year ended 2017 which will be published shortly.

Feb 07, 2018 | 03:39PMOOREDOO
Company
Ooredoo announce its audited results for the financial year ended 31st December 2017

Ooredoo Oman continue to grow revenue and customers

 

Muscat, Oman, 7th February 2018: Ooredoo wishes to announce its audited results for the financial year ended 31st December 2017:

Financial Highlights:

 

 

Three months ended 31 Dec

 

Year ended 31 Dec

 

2017

2016

Change %

 

2017

2016

Change %

Revenue (OMR m)

69.3

68.2

1.6%

 

273.6

270.0

1.3%

EBITDA (OMR m)

38.4

35.4

8.5%

 

151.0

148.3

1.8%

Net Profit (OMR m)

7.9

8.7

-9.2%

 

31.0

46.3

-33.0%

Mobile and Fixed Customers (000')

 

 

 

 

3,072

2,947

4.2%

 

Key Messages for Year 2017

Revenues for the year 2017 grew by 1.3% to OMR 273.6 million compared with OMR 270.0 million in 2016. The growth is driven by increases in both mobile and fixed data revenue.

EBITDA for the year stood at OMR 151.0 million compared to OMR 148.3 million for the year 2016. EBITDA for 2017 was marginally impacted by higher customer acquisition cost associated with increase in customer base which has grown by 4.2% in total and 33.7% for fixed.

Net profit for 2017 was OMR 31.0 million compared with OMR 46.3 million in 2016. Net profit for 2017 is impacted by increase in royalty fee from 7% to 12%, increase in income tax rate from 12% to 15% as well as higher depreciation cost due to investment in network modernisation.

Total number of customers grew by 4.2%, in 2017 from 2,946,660 to 3,071,644.

The fixed service customer base increased by 33.7% to 117,535 in 2017 compared to 87,907 in 2016. The mobile post-paid customer base grew by 1.7% to 222,040 customers in 2017 compared with 218,325 customers in 2016. The mobile pre-paid customer base for 2017 increased by 3.5% to 2,732,069 customers compared to 2,640,428 customers of last year.

Commenting on the results, Chairman of Ooredoo Oman, Sayyed Amjad Mohamed Al Busaidi, said:

“The past year has been another show of strength, with Ooredoo continuing to show growth in what was a year of unpredictability. Through perseverance and consolidation of our investments of previous years, we saw another strong financial performance.

2017 was a year in which we focused on our commitment to investing in the digital future of both telecommunications and the country; striving to enrich the digital lives of all of our customers. It was also a year in which we looked inwards on the company and established our Tahhadi programme, aimed at enhancing data experience leadership through a set of values and objectives.

Ooredoo maintained its commitment to giving customers the ultimate way to ‘enjoy the internet’, with the extension of their superfast fibre coverage. With speeds of up to 1Gbps and unlimited data, the rollout started with over 1,500 homes being connected in Muscat, followed by rapid expansion across Muscat and beyond.

Perhaps the most significant of the company’s milestones, however, was the rollout of the all-new Ooredoo Oman app. Redefining the way we deal with our customers, the app has a constantly expanding range of services, to give customers control at their fingertips. Since its launch in January, the app has seen over 500,000 downloads, all with a high utilsation level of the wide range of services and customer it offers.”

Feb 07, 2018 | 03:31PMCOMPUTER STATIONERY IND.
Company
Audited financial results for the year ended 31st December 2017

Audited financial results for the year ended 31st December 2017

The Board of Directors of Computer Stationery Industry SAOG met on 7th February 2018 to review, adopt and recommend for shareholders approval, the audited financial results of the company for the year ended 31st December 2017.

The Board recommended Cash Dividend proposal of 7% subject to the approval of shareholders in the Annual General Meeting proposed to be held on 6th March 2018.

The highlights of the results and recommendation of the Board are:

 

Group – 2017

Parent – 2017

Group – 2016

Parent – 2016

 

        RO       

RO

RO

RO

Sales Revenue

1,804,147

504,461

1,904,429

558,673

Total Expenses

1,710,801

428,039

1,778,879

448,808

Profit after Tax for the year

93,346

76,422

125,550

109,865

Feb 06, 2018 | 01:46PMNAT. PHARMACEUTICAL IND.
Company
INVITATION FOR ANNUAL GENERAL MEETING

The Board of Directors National Pharmaceutical Industry Co (SAOG) is pleased to invite the Company’s shareholders to attend  the company’s Ordinary Annual General Meetings,  to be held at 3  PM, on Wednesday  ,  22nd  February 2018  at Business hall at  CMA  to discuss the following agenda:

 

  1. To consider and approve the Board of Directors’ report for the financial year ended on 31/12/ 2017.

 

2.To consider and Approval of the Board of Directors performance report for the financial year ended on 31/12/2017. 

 

3.To consider and approve the corporate governance report for the financial year ended on 31/12/ 2017.

4.To consider the Auditors’ Report and to approve the Financial Statements Balance Sheet and Profit & Loss Account, for the financial year ended on 31/12/ 2017.

 

5.To consider and approve the proposed final cash dividend to Shareholders, as per the date of the meeting, in the rate of (5%) of the company’s capital of per share (5 baizas for each share) for the financial year ended on 31/12/ 2017.

 

6.To approve the sitting fees of the Board meetings paid to the Board of Director’s members for previous financial year ended 31/12/ 2017, and to determine the sitting fees for the next fiscal year ending on  31/12/ 2018 .

 

7.To consider and approve the transactions the company will enter into with related parties during the financial year ending on 31/12/2018 .

 

8.To consider the amounts allocated and spent for the company’s social responsibilities for the year ended on 31/12/ 2017. 

 

9.To consider and approve an amount of RO 5000 for Corporate Social Responsibility programs, for the year ending on 31/12/ 2018 which shall be used out of the 2018 profit .

 

10.To approve the criteria for measuring the performance of the Board of Directors for the financial year ending 31/12/2018 .

 

11.To appoint an independent entity to evaluate the performance of the Board of directors for the fiscal year ending on 31/12/2018, and to approve their fees.

 

12.The appointment of the Auditors for the Company for the financial year ending 31/12/ 2018. and approve their fees

 

Accordance with the Company’s Articles of Association, any shareholder is entitle to authorize in writing any other person to attend the meeting and vote on its  decisions on his behalf, provided the authorization is made from the authorization card attached to the invitation. Natural persons should attach ID (for adults) or a copy of the passport (for ladies and minors) or residence card and passport for non-Omanis. For juristic persons, the authorization should be signed by any authorized signatory. The authorization form should carry the stamp of the company and include a copy of the commercial registration of the company and specimen of the authorized signature

 

Shareholders are requested to arrive about half an hour before the scheduled meeting time.

 

For further information please contact Mr. Vinod Hari Pillai, on phone No (968)24449070.

Feb 06, 2018 | 09:11AMTAAGEER FINANCE
Company
Disclosure of Technical Advisor Contract of The Arab Leasing Company (TALC) Sudan with Taageer Finance

Further to the disclosure made by the company on 22 December 2009 on the subject matter, we wish to disclose that, the  company and The Arab Leasing Company, TALC- Sudan have mutually agreed to close the Technical Advisor Contract at a final amount of USD 500,000 vide agreement received on 05-02-2018. We wish to mention that during the implementation of the Contract, TALC-Sudan had indicated some additional technical IT service requirements which did not form part of the scope agreed between us and it was not technically feasible for us to provide.

The Original Contract was entered into in December 2009 for a consideration of USD 800,000. Based on the above, both parties have now mutually agreed to reduce the scope of work and close the contract for USD 500,000 being the amount already paid by TALC, Sudan to Taageer Finance.

Since Taageer had not accounted the amount of USD 300,000 in their books for the additional technical service requirement, there would not be any financial impact on Taageer Finance to this effect.

 The above is submitted for information.

Regards,

 Mohammed Redha A. Jawad

Chief Executive Officer

Feb 06, 2018 | 09:01AMOMAN CHROMITE
Company
Summary of Decisions Taken at the Board of Directors Meeting (the first) that was held on 05/02/2018

The summary of the decisions of the meeting of Board of Directors of Oman Chromite SAOG that was held on February 5th 2018.

 

1-    Approval of the audited financial statements for the year ended 31st December 2017


Summary of key data for the company

2016

2017

 

2,272,880

2,076,777

Revenue

(1,781,869)

(1,452,610)

Cost of revenue

491,011

624,167

Profit from operations

(176,078)

(51,414)

Change in fair value of investment

174,076

(24,734)

Provision for income tax

489,009

548,019

Net profit for the year

0.163

0.183

Basic earnings per share

 

2-    Recommendation to the AGM for the company to distribute cash dividends to shareholders at 16 % ratio of capital and by 160 Bz per share

3-    These recommendations remain subject to approval by the shareholders at the AGM scheduled on March 5th 2018

Feb 06, 2018 | 08:52AMAL FAJAR AL ALAMIA
Company
Announcement of Un-Audited Financial Result-31.12.17

The Board of Directors of Al Fajar Al Alamia Co SAOG has approved the unaudited financial statements for the six months period ended 31 December 2017. The full financial statement is uploaded in MSM website.

Feb 05, 2018 | 09:26AMAL SUWADI POWER
Company
Appointment of a member of the Board of Directors

Al Suwadi Power Company SAOG (the “Company”) advises the Capital Market Authority, the Muscat Securities Market and the investors’ community as follows:

 

The Board of Directors of the Company approved appointment of Mr. Yasushi Asano as a member of the Board of Directors on 4 February 2018 as representative of Blue Horizon Barka Power B.V., a juristic person, in place of Mr. Mitsuo Nakamoto who has tendered his resignation in January 2018. Mr. Yasushi Asano has a working experience of 20 years covering business strategy planning, power investment and trading and holds Bachelor of Economics degree.

Feb 05, 2018 | 09:10AMDHOFAR INSURANCE
Company
CMA Decision on suspend some activities of the Company - Update

With reference to our disclosure dated 26th December 2017, the Company would like to inform all stakeholders that it has received a letter from the CMA dated 31st January 2018, wherein the CMA has based on the resolutions adopted at the EGM on 18th January 2018 and the implementation thereof, withdrawn its decision to suspend some activities of the Company due to the deficit in the solvency margin.  The Company is therefore allowed to continue its licensed activities by the CMA.

Feb 05, 2018 | 08:50AMHOTELS MANAGEMENT CO. INT.
Company
Disclosure of Board meeting resolution as at Feb 4th 2018

Hotels Management Company International  S.A.O.G

The Board of Directors of Hotels Management Company International SAOG met on February 4th, 2018 to discuss the audited financials and other important matters, a summary of which is as under:

 

  1. Financial statement for the year ended 31st December 2017 audited by  KPMG  statuary auditors, approved by the Board. We give below the key performance indices:

 

2016

2017

 

10,406,345

11,700,869

Revenue

(8,274,611)

(8,661,140)

Operating costs

2,131,734

3,039,729

Profit for the year before taxation

1,876,502

2,583,218

Profit for the year after taxation

0.626

0.861

Earning by share

 

  1. The Board of Directors had proposed a cash dividend in respect of the year 2017 of RO 1/000 ( Omani Riyals one only) per share.

 

  1. The Board of Directors recommended the appointment of  KPMG as company’s statuary auditors  for the year 2018.

 

  1. The Financial statements, dividends and  the appointment of the company’s statuary auditors  are subject to approval of the shareholders  in the AGM of the company scheduled on 12th March 2018.

                                                                                                                            

 

 

Feb 04, 2018 | 04:39PMSHELL OMAN MARKETING
Company
Annual Audited Financial Statements for the year ended 31 December, 2017

The Company’s Annual Audited Financial Statements for the year ended 31 December, 2017 are now available in the Financial Reports section at MSM website.

Feb 04, 2018 | 09:22AMMUSCAT THREAD MILLS
Company
Appointment of Marketing Manager

This is to inform that Mr. Ramesh Chandra has joined MTM as Marketing Manager. He is a science graduate with chemistry, did his MBA in marketing and post graduate diploma in international business. He has about fifteen years of experience in thread industry. Before joining us he was working with Vardhman Yarns and Threads Limited in Maharashtra, India. His date of appointment is 31st January, 2018 & it is approved by Board of Directors on 31st January, 2018.

Feb 01, 2018 | 02:05PMPACKAGING CO. LTD
Company
Disclosure of the Board of Directors' Meeting and the important decisions

Company News

Board of Directors decisions:

31st January 2018 at 6.10 PM,  Company:  Packaging Co Ltd. (SAOG)

Important decisions of Packaging Co Ltd. (SAOG) Board meeting held on 31st January 2018 at 5PM.

  1.  Audited Financials statements of the company for the financial year ended 31st December 2017 were approved by Board of Directors, subject to approval of forthcoming Annual General Meeting scheduled on 12th March 2018.

        2. Approved Corporate Governance Report for the year 2017

 

Best Regards,

 

Jasim Mohammed Salman Al Ajmi

Board Secretary

Feb 01, 2018 | 09:05AMOMINVEST
Company
OMINVEST Board Resolution

OMINVEST Board Resolution

 

In reference to Oman International Investment and Development Company SAOG (“OMINVEST”) disclosure dated 4th of October 2017 titled OMINVEST Board Resolution; OMINVEST Board of Directors held a meeting on the 31st of January 2018 and has resolved to increase the value of perpetual bonds issuance from OMR 50 million to OMR 75 million. This is subject to shareholders and regulatory approval. 

Feb 01, 2018 | 09:00AMALMAHA CERAMICS
Company
Inauguration of new machinery

“ Al Maha Ceramics is pleased to announce that it has today commissioned State of the art machinery that will enable the company to introduce quality enhanced products in a phased manner “

Feb 01, 2018 | 08:21AMAL BATINAH POWER
Company
Resignation and appointment of Chief Financial Officer

Al Batinah Power Company SAOG (the “Company”) advises the Capital Market Authority, the Muscat Securities Market and the investors’ community as follows:

 

a)      Mr. So Murakami has resigned as Chief Financial Officer and Disclosure Officer of the Company effective 31 January 2018, and

b)      Mr. Mitsuo Nakamoto has been appointed as Chief Financial Officer and Disclosure Officer effective 1 February 2018.