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Feb 28, 2018 | 05:24PMAL SUWADI POWER
Company
Invitation to the Ordinary Annual General Meeting of Al Suwadi Power Company SAOG

The Board of Directors of AlSuwadiPowerCompanySAOG(the “Company”) have the pleasure to invite the respected shareholders to attend the Ordinary Annual General Meeting (“AGM”) of the Company to be held on Tuesday 20th March 2018 at the Capital Market Authority Meeting Hall situated at Ruwi, Sultanate of Oman, at 3:00 pm, to discuss the following 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 to approve the financial statements (balance sheet and income statement) for the financial year ended 31 December 2017.
  4. To notify the General Meeting of the related party transactions during the financial year ended 31 December 2017.
  5. To consider and approve the proposed transactions and contracts with related parties during the financial year ending 31 December 2018.
  6. To authorize the Board of Directors’ to determine and distribute cash dividends to the Shareholders of the Company in May/June 2018 and November/December 2018 out of the retained earnings as per the audited financial statements for the financial 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).
  7. To ratify the sitting fees paid to directors for the Board meetings, Audit Committee meetings and Nomination & Remuneration Committee meetings held during the financial year ended on 31 December 2017, and determine the proposed sitting fees payable to directors for Board meetings, Audit Committee meetings and Nomination & Remuneration Committee meetings for the financial year ending 31 December 2018.
  8. To consider and approve the distribution of the proposed remuneration for the Board members of a sum of RO 14,800 for the financial year ended 31 December 2017.
  9. To notify the meeting with the donations made by the Company on account of corporate social responsibility during the financial year ended 31 December 2017.
  10. To consider and approve the allocation of an amount of RO 20,000 during the financial year ending 31 December 2018 as corporate social responsibility initiative.
  11. To consider and approve that a director of the Company is allowed to participate in the management of another company which is conducting business competitive to the business of the Company.
  12. To approve the criteria to appraise the performance of the Board of Directors.
  13. To approve the report for the performance appraisal of the Board of Directors carried out during year 2017.
  14. To appoint an independent consultant to carry out annual appraisal for the performance of the Board of Directors during year 2018.
  15. To approve the appointment of Statutory Auditors for the financial year ending 31 December 2018 and determine their remuneration.
  16. To elect an independent Board member to fill the vacancy, arising from resignation of independent director, from amongst the shareholders or non-shareholders.

According to the Articles of Association of the Company, if the candidate is a shareholder, he/she must hold at least 5% of the Company’s issued share capital on the date of the AGM.

Any person who wishes to nominate himself/herself to the Board of Directors should complete a nomination form available with the Company. The nomination form can be obtained from the Company’s head office. The completed forms should be delivered to the Company at least two working days minimum prior to the AGM date. Nomination forms received after 5pm on Thursday, 15th of March 2018 shall not be accepted.

According to the Articles of Association of the Company the Shareholders have the right to nominate a proxy to attend and vote on their behalf on decisions/resolutions of the meeting, such proxy must be on the proxy form attached to this agenda and notice. The natural shareholder shall enclose a copy of the ID card, or the passport copy for females and minors who don’t have an ID card, residence card or passport copy for non- Omanis along with the proxy form. The juristic shareholder’s proxy must be signed by an authorized signatory and sealed with entity’s stamp, and should be submitted along with a commercial registration certificate and the authorized signatories list.

 

Respected shareholders are requested to attend at the AGM venue half an hour before the meeting.

 

For further information, please contact Mr. Muhammad Fawad Akhtar on telephone no.(+968)24393300.

Feb 28, 2018 | 05:14PMGULF HOTELS (OMAN)
Company
Invitation to attend the Ordinary Annual General Meeting

 

The Board of Directors of Gulf Hotels (Oman) Company Ltd. SAOG is pleased to invite the shareholders of the Company to attend the Ordinary Annual General Meeting of the company scheduled to be held at 3 p. m. on Thursday, 22nd March 2018 at Hotel Crowne Plaza, Al Qurum, Muscat, to discuss the following agenda:-

 

1

 

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

 

2

 

To consider and approve the Performance evaluation report of Board of directors of the company for the financial year ended 31st December 2017 .

 

3

 

To consider and approve the Corporate governance report of the company for the financial year ended 31st December 2017.

 

4

 

To consider the auditors’ report and to approve the balance sheet and profit & loss account for the financial year ended 31st December 2017.

 

5

 

To consider and approve the proposal for distribution of cash dividend, to shareholders as on the general meeting date, at 30% of share capital of the company (equivalent to 300 Baizas per share) for the financial year ended 31st December 2017.

 

6

 

To approve the sitting fees for Board of Directors for attending both the board meetings and the meetings of sub committees for the financial year ended 31st December 2017 and to decide the sitting fees for forthcoming financial year ending 31st December 2018 .

 

7

 

To consider and approve the proposal of distributing the total sum of Omani Rials 52,500/- as remuneration to the Board of Directors of the company for the financial year ended 31st December 2017.

 

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 (5000) to fulfill the company’s social responsibilities for the year ending on 31/12/ 2018.

 

10

 

To elect the new Board of Directors of the company from among the shareholders and/ or the non-shareholders. Any person wishing to nominate himself/ herself for the membership of board, may fill up the Nomination Form, which can be obtained from the company. The form shall be submitted to the company two working days prior to the General Meeting, not later than 19/03/2018. If the candidate is a shareholder, the candidate is required in accordance with the company’s article of association to own (2500) shares of the Company as on the General Meeting date.

 

11

 

To consider and approve the Board evaluation criteria for the financial year ending 31st December 2018 .

 

12

 

To appoint an independent expert to evaluate the performance of the Board for the financial year ending 31st December 2018 and to fix their remuneration.

 

13

 

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

 

 

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 gentlemen and a copy of the passport for ladies and minors - in case of Omanis 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 at least half an hour before the time fixed.

 

For further information, please contact Mr. Yogish Mallya, or Ms. Adla Hachem on Telephone No 24660660.

 

Chairman                                                           Auditors                                              Legal Advisors 

Feb 28, 2018 | 05:08PMMUSCAT INSURANCE
Company
Invitation to attend the Annual General Meeting (AGM)

Invitation Announcement to Attend AGM

of Muscat Insurance Company SAOG

P.O. Box 72 – PC 112 – Tel. No. 22364400 – Fax: 22364500

 

The Board of Directors of Muscat Company SAOG is pleased to invite shareholders to attend Annual Ordinary General Meeting to be held at 5 pm on Wednesday corresponding to 21 March 2018 in the company’s new premises, located in Way No. 3341, building No. 2375 – Plot No. 3/1/1 in Al-Khuwair 17/3, Wilayat Bawsher, Muscat Governorate, Oman to discuss the following agenda:

 

1-       Studying and approving the board report for the year ending 31/12/2017.

2-       Studying and approving the Corporate Governance Report for the year ending 31/12/2017.

3-       Approving the board's performance evaluation report for the year ending 31/12/2017. 

4-       Studying and approving the auditor’s report, balance sheet, and profit and loss statement for the financial year ending 31/12/2017.

5-       Notify the AGM about the related parties transactions that were undertaken for the year ending 31/12/2017

6-       Studying and approving the proposed cash dividends of 5 % of the share capital by 0.050 baisa per share.

7-       Studying and approving the proposed distribution of bonus shares of 5% from current paid up capital. This distribution would result in increasing the share capital from 10,000,042 shares to 10,500,044 shares.

8-       Studying and approving the sitting fees for the board and its subcommittees received by the directors for the year ending 31 December 2017 and determine the directors’ sitting fees for the year ending 31/12/2018 and approve the same.  

9-       Studying and approving the proposal of distributing remuneration up on the board director amounted to OMR. 15,188/- for the year ending 31 December 2017.

10-   Studying and approving the proposal of assigning a sum of OMR 10,000/- to support the Corporate Social Responsibility (CSR) for the year ending 31 December 2017.

11-   Approving the board performance valuation standards .

12-   Appointing an independent entity to evaluate the performance of the board of directors for the year ending 12 December 2017, and determine their fees.

13-   Appointing the auditors for the year ending 31/12/2018 and determine their fees.

According to the company's Articles of Association, any shareholder may authorize in writing any other person to attend the meeting and vote on the decisions on his/her behalf, provided that the authorization has to be done on the enclosed proxy card. For the natural person, he has to enclose with the proxy, a copy of the adult's identity card, passport for women and minors who do not have an identity card, and a resident card or passport for non-Omanis. For the juristic person, the proxy has to be signed by any of the authorized signatories and sealed with the company's stamp together with the commercial registration certificate and the authorized signatory form. The shareholders have to attend the meeting at least half an hour before the meeting time.

For any inquiries you may contact Mr. Khalid bin Mohammed bin Abdullah Al-Hooti, Telephone No. 22364400.

Feb 28, 2018 | 04:57PMPHOENIX POWER
Company
Invitation to the Ordinary Annual General Meeting of Phoenix Power Company SAOG

The Board of Directors of Phoenix Power Company SAOG (the “Company”) have the pleasure to invite the respected shareholders to attend the Ordinary Annual General Meeting (“AGM”) of the Company to be held on  Monday, 19 March 2018 at Al Bahja Hall next to  Jungle Restaurant  and Rose Garden, situated at Building No. 9, Way No. 58, Al Qurm, Sultanate of Oman, at 3:00 pm, to discuss the following 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 and approve the Auditors’ Report and approval of the financial statements (balance sheet and income statement) for the financial year ended 31 December 2017.

4. To notify the General Meeting of the related party transactions during the financial year ended 31 December 2017.

5. To consider and approve the proposed transactions with related parties during the financial year ending 31 December 2018.

6. To approve the proposal authorizing the Board of Directors’ to determine and distribute cash dividends to the Company’s Shareholders (who are registered with the MCDC as of the dates to be decided by the Board of Directors) in July 2018 and January 2019 out of the retained earnings as per the audited financial statements for the financial year ended 31 December 2017, provided that the aggregate amount shall not exceed 4.8 % of the paid up share capital of the Company (i.e., 4.8 Baizas per share).

7. To notify the general meeting of the activities of the Company in relation to the Corporate Social Responsibility for the financial year ended 31 December 2017.

8. To allocate an amount of RO. 30,000 as a budget of the Company in relation to the Corporate Social Responsibility for the financial year ending 31 December 2018.

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

10. To appoint an independent consultant to carry out annual appraisal for the performance of the Board of Directors during the financial year ending 31 December 2018.

11. To approve the appointment of Statutory Auditors for the financial year ending 31 December 2018 and determine their remuneration.

 

According to the Articles of Association, the Shareholders shall have the right to nominate a proxy to attend and vote on their behalf on decisions/resolutions of the meeting, such proxy must be on the proxy form attached herewith. The natural shareholder shall enclose a copy of the ID card, or the passport copy for females and minors who don’t have an ID card, residence card or passport copy for non-Omanis along with the proxy form. The juristic shareholder’s proxy must be signed by an authorized signatory and sealed with entity’s stamp, and should be submitted along with a commercial registration certificate and the authorized signatories list.

 

Respected shareholders are requested to attend at the AGM venue half an hour before the meeting.

 

For further information, please contact Mr. Kenji Yugeta on telephone no.(+968) 22009968.

Feb 28, 2018 | 04:48PMACWA POWER BARKA
Company
Meeting of Board of Directors of ACWA Power Barka SAOG

A meeting of Board of Directors of ACWA Power Barka SAOG (the Company) was held on 28 February 2018 at the offices of the Company. The Board unanimously made the following decisions:

  1. 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.
  2. The Company has earned a net profit of RO 4.24 million for the year ended 31 December 2017 which equates to earnings per share of 27 Baizas.
Feb 28, 2018 | 04:25PMSALALAH BEACH RESORT
Company
Invitation to attend the Ordinary Annual General Meeting

Invitation to attend the Ordinary Annual General Meeting

The Board of Directors of Salalah Beach Resort SAOG (the Company) is pleased to invite all shareholders of the Company to attend the Ordinary Annual General Meeting of the company scheduled to be held at 3 p. m. on Wednesday, 14th March 2018 at Hotel Crowne Plaza, Al Qurum, Muscat to discuss the following agenda:

1

 

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

2

To consider and approve the Performance Evaluation Report of Board of directors of the company for the financial year 2017.

3

To consider and approve the Corporate governance report of the company for the financial year ended 31st December 2017.

4

 

To consider the Auditors’ Report and to approve the Balance Sheet and Profit & Loss account for the financial year ended 31st December 2017.

5

 

To consider and approve the transactions entered into by the Company with related parties for the financial year ended 31st December 2017.

6

 

To approve the sitting fees for Board of Directors for attending both the board meetings and the meetings of sub committees for the previous financial year, and determining the sitting fees for the forthcoming financial year.

7

To consider theamounts allocated and spent for the company’s social responsibilities for the year ended 31st December 2017

8

To consider and approve the proposed allocation of OMR (1500) to fulfill the company’s social responsibilities for the year ending 31st December 2018.

9

To approve the Board evaluation criteria.

10

To appoint an independent expert to evaluate the performance of the Board for the financial year ending 31st December 2018, and to fix their remuneration.

11

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

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 gentlemen and a copy of the passport for ladies and minors - in case of Omanis 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 with the commercial registration certificate.

Please be present at the meeting venue at least half an hour before the time fixed.

For further information, please contact Mr. Vinayak Venkateshwara on telephone no 23133333, or Ms. Umaima Omar Al Wahaibi on Telephone No 24573000.

Chairman                              Auditors                        Legal Advisors

Feb 28, 2018 | 04:24PMAL KAMIL POWER
Company
Invitation for Ordinary Annual General Meeting

The Board of Directors of Al Kamil Power Company SAOG is pleased to invite shareholders to attend the Annual General Meeting of the Company to be held on Monday, 19th March 2018 at 3 pm at Ibri & Sur Meeting room, Sheraton Oman Hotel, Muscat, to discuss the following agenda:

  1. To consider and approve the Annual Report of the Board of Directors for the financial year ending 31st December 2017
  2. To consider and approve the Audited Corporate Governance Report of the Company for the year ended 31st December 2017
  3. To consider and approve the Auditors’ Report, Balance Sheet and Profit & Loss Accounts of the Company for the year ended 31st December 2017
  4. To consider and approve the Board Appraisal Report for the year 2017
  5. To authorise the Board of Directors to distribute cash dividend of upto 25% to be paid as follows:

a- Upto 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

(and)

b- Upto 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

6. To approve the sitting fees paid to the members of the Board of Directors and Audit Committee for the year 2017 and to approve the sitting fees to be paid to the Board of Directors, Audit Committee and Nomination and Remuneration Committee for the next year.

7. To notify the General Assembly of the related party transactions during the year 2017

8. To get the ratification of the General Assembly for the donation of RO 14,891 given by the Company during 2017.

9. To consider and approve allocation of amount not exceeding RO 20,000 for social donation for the year ended 31st December 2018

10. To approve the criteria to appraise the performance of the Board of Directors

11. To appoint an independent consultant to carry out annual appraisal of the performance of the Board of Directors during 2018

12. To appoint the Auditors for the financial year ending 31st December 2018 and determine their remuneration

According to the Articles of Association of the Company, any shareholder has the right to authorise in writing any other person to attend the meeting and vote on his behalf. Please attend the venue of the meeting at least half an hour prior to the time fixed for the meeting.

Please contact Mr. Ahmed Fahim Al Maimani on telephone number 24607466 for any further information.

The shareholders are requested to be present at least 30 minutes before the start of the Annual General Meeting.

Feb 28, 2018 | 02:48PMAL BATINAH POWER
Company
Invitation to the Ordinary Annual General Meeting of Al Batinah Power Company SAOG

The Board of Directors of Al Batinah Power Company SAOG (the “Company”) has the pleasure to invite the respected shareholders to attend the Ordinary Annual General Meeting (“AGM”) of the Company to be held on Tuesday, 20 March 2018 at the Capital Market Authority Meeting Hall, situated at Ruwi, Sultanate of Oman, at 5:00 pm, to discuss the following 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 to approve the financial statements (balance sheet and income statement) for the financial year ended 31 December 2017.
  4. To notify the General Meeting of the related party transactions during the financial year ended 31 December 2017.
  5. To consider and approve the proposed transactions and contracts with related parties during the financial year ending 31 December 2018.
  6. To authorize the Board of Directors’ to determine and distribute cash dividends to the Shareholders of the Company in May/June 2018 and November/December 2018 out of the retained earnings as per the audited financial statements for the financial 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).
  7. To ratify the sitting fees paid to directors for the Board meetings, Audit Committee meetings, and Nomination & Remuneration Committee meetings held during the financial year ended 31 December 2017; and determine the proposed sitting fees payable to directors for Board meetings, Audit Committee meetings, and Nomination & Remuneration Committee meetings for the financial year ending 31 December 2018.
  8. To consider and approve the distribution of the proposed remuneration for the Board members of a sum of RO 16,800 for the financial year ended 31 December 2017.
  9. To notify the General Meeting of the donations made by the Company on the account of corporate social responsibility during the financial year ended 31 December 2017.
  10. To consider and approve the allocation of an amount of  RO 20,000 during the financial year ending 31 December 2018 as corporate social responsibility initiative.
  11. To consider and approve that a director of the Company is allowed to participate in the management of another company which is conducting business competitive to the business of the Company.
  12. To consider and approve the criteria to appraise the performance of the Board of Directors.
  13. To approve the report for the performance appraisal of the Board of Directors carried out during year 2017.
  14. To appoint an independent consultant to carry out annual appraisal for the performance of the Board of Directors during the financial year ending 31 December 2018 and determine its fee.
  15. To appoint Statutory Auditors for the financial year ending 31 December 2018 and determine their remuneration.

 

According to the Articles of Association of the Company the Shareholders have the right to nominate a proxy to attend and vote on their behalf on decisions/resolutions of the meeting, such proxy must be on the proxy form attached to this agenda and notice. The natural shareholder shall enclose a copy of the ID card, or the passport copy for females and minors who don’t have an ID card, residence card or passport copy for non-Omanis along with the proxy form. The juristic shareholder’s proxy must be signed by an authorized signatory and sealed with entity’s stamp, and should be submitted along with a commercial registration certificate and the authorized signatories list.

 

Respected shareholders are requested to attend at the AGM venue half an hour before the meeting.

 

For further information, please contact Mr. Mitsuo Nakamoto on telephone no. (+968) 24393300.

Feb 28, 2018 | 02:36PMAL HASSAN ENGINEERING
Company
Letter of Award from PDO

The Company is pleased to announce that it has  signed today 28th February 2018 for the Letter of Award from PDO for the EPC Works of Haima West Combined Cycle Power Project for OMR 17.6 million (excluding Long lead items of OMR 13.8 million). The execution period will be of 36 months starting from February 2018. The Company expects reasonable income from this project.

 

 

Feb 28, 2018 | 01:57PMOMANI EURO FOODS INDUSTRIES
Company
Invitation to attend Extra Ordinary General Meeting & Annual General Meeting of Shareholders.

Invitation to attend Extra Ordinary General Meeting & Annual General Meeting of Shareholders.

 

The Board of Directors of Omani Euro Food Industries SAOG is pleased to invite shareholders to attend the Extra Ordinary General Meeting and Annual General Meeting of the Company to be held at 3 p.m.  on Thursday 15th March, 2018 at the Business man Hall, Capital Market Authority, Muscat.

 

First : - The Extra Ordinary General Meeting.

To discuss the present financial position of the Company and to take appropriate measures to rectify the same.

 

Second: - Annual General Meeting

Agenda:

1. To consider and approve the Board of Directors' Report for the financial year ended 31
 December, 2017. 
2. To approve the Report of Independent Consultant on the Performance Evaluation of the Board for the year ended 31-12-2017 
3. To consider and approve the Corporate Governance Report for the financial year ended 31st December, 2017. 
4. To consider the Auditor's Report and approve the Balance Sheet and Profit & Loss account for the financial year ended on 31
 December, 2017.
5. To inform about the details of transactions with Related Party for the year ended on 31
 December, 2017.
6. To inform about the proposed amount of transactions with the Related Party to be entered into for the fiscal year ending on 31
 December, 2018. 
7. To consider Sitting fees paid to the Board of Directors and its committees for the financial year ending on 31
 December, 2017 and proposed amount of sitting fees for the fiscal year ending on 31
 December, 2018.

8.To consider a proposal for allocation worth OMR. 3500/- towards activities for Corporate Social Responsibility for the financial year ending on 31-12-2018 and approve it.

9.To approve Criteria of Evaluation of Performance of the Board for the year ending on 31st December, 2018.

10. To appoint independent External Consultant for Board Evaluation for the financial year ending on 31-12-2018 and fixing their fees.

11. To appoint Statutory Auditors for the Financial Year ended on 31st December, 2018 and fixing their fees.

 

In accordance with the Articles of the Company, any shareholder may delegate in   writing any other person to attend the meeting and vote on the decisions taken on his behalf, provided that the delegation should be made in attached delegation card and the natural person should attach his  resident ID card for adults,  passport copy for women and minors who do not have a  resident card or passport copy for non-Omanis.   As for the legal person, (non-natural persons), the delegation card should be signed by a duly authorized signatory duly, stamped by the Company and attach a copy of Certificate of Commercial Registration and corporate authorized signatories. 

 The Board of Directors request the presence of all shareholders at least half an hour prior to the meeting time.   In case you have any questions please contact Mr. Ahmed bin Said Al Khawar on phone number 24691266

 

Chairman - Board of Directors                  Statutory Auditors      Legal Advisor

 

 

Feb 28, 2018 | 01:47PMOMAN UNITED INSURANCE
Company
Invitation for an Annual Ordinary General Meeting

 

Invitation to attend the Annual General Meeting

 

The Board of Directors of Oman United Insurance Company SAOG have the pleasure to inviting the honorable shareholders to attend the Annual General Meeting to be held on Thursday 29th March 2018 at 5:00pm in the company’s head office  building 225 – Service road at Al-Khuwair to discuss the following agenda:

 

 

 

  1. 1.      To study and approve the Directors’ Report for the year ended 31st December 2017.
  2. 2.      To study and approve the company’s Corporate Governance Report for the year ended 31st December 2017.
  3. 3.      To study the Auditor’s Report and to approve the Balance Sheet and Profit & Loss account for the financial year ended 31st December 2017.
  4. 4.      To study and approve the proposal to distribute cash dividends (at AGM Date) of 30% of company’s capital i.e.   (30 Bzs.) per share to the shareholders for the year ended 31st December 2017.
  5. 5.      To ratify the sitting fees paid to the Board of Directors and to the Board’s subcommittees during the year ended 31/12/2017, and to determine the sitting fees for the year 2018ز
  6. 6.      To approve the proposed Board remuneration of RO. 113,235/- (OMR One Hundred Thirteen Thousand Two Hundred Thirty Five) for the year 2017.
  7. 7.      To notify the shareholders with the related party transactions during the year 2017 .
  8. 8.      To approve the related party transactions which will be executed during the year 2018 ?
  9. 9.      To notify the shareholders with the social responsibility contribution of RO. 29,350 during 2017.
  10. 10.  To study the proposal to allocate RO. 30,000/- (OMR. Thirty Thousand) for social responsibility in the year 2018, and to approve the same.
  11. 11.  To study the report of Board appraisal for 2017.
  12. 12.  To elect new board of directors (from shareholders and Non-shareholders). Anyone who wishes to nominate himself He / She shall fill the form prescribed for this purpose and submit it to the company within two days prior to the Annual General Meeting (on or before  Monday 26/3/2018). No forms will be accepted after this date. If the candidate is a shareholder, then and in accordance to the company’s article of association he / she is required to own one million Shares of the company at the annual general meeting date.
  13. 13.  To appoint an independent party to appraise the performance of Board for the next 3 years 2018-2021 (for one time) according to the benchmark and standards that approved by AGM last year and to approve their fees.
  14. 14.  To appoint Statutory Auditors for the year ending 31st December 2018, and approve their fees.

 

 

 

In accordance with the Company's Articles of Association, each shareholder is entitled to give a written proxy to another person to attend the meeting and vote on his/her behalf.

 

Shareholders shall complete the proxy form which is enclosed with the invitation. Natural shareholders persons must sign the proxy form and enclose copies of their IDs. Female shareholders and underage shareholders who do not have IDs shall enclose copies of their passports with their proxy forms. Non-Omani shareholders shall enclose along with their completed proxy forms copies of their resident cards or copies of their passports. Proxy forms for corporate persons shall be stamped and signed by their authorized signatories. Copies of registration documents with the Ministry of Commerce & Industry as well as their authorized signatories’ sheets must be enclosed with their completed stamped and signed proxy forms.

 

Shareholders and their representatives are requested to make themselves available at the venue of the meeting half an hour prior to the meeting time.

 

 

 

 For further information, please contact Sayyid Mohamed Bin Qahtan Al Busaidi on phone No.24477373.

 

Note: OUIC as SAOG Company shall deposit the investors' funds unclaimed within a period of six months from its due date to the Investors' Trust Fund. Shareholders are advised to refer to the Muscat Clearance & Depository Company to enquire about any amounts due for them.

 

There are some unclaimed dividends laying at Investors' Trust Fund therefore Capital Market Authority requests the shareholders to refer to Muscat Clearance & Depository Company to collect their dividends.

SALIM BIN NASSIR AL BUSAIDI         KPMG                                   WESAM YOUSEF OBAID

CHAIRMAN                                     EXTERNAL AUDITOR                      LEGAL ADVISOR

 

    
Feb 28, 2018 | 09:50AMNATIONAL REAL ESTATE DEV.& INV
Company
ordinary general meeting

During the ordinary general meeting of National Real Estate Development and Investment Co. SAOG held on Thursday 1st of February 2018 at 4 p.m. at the company’s headquarters (the board room) located at 6th Floor, “GETCO” tower, Building No. 1704, Way No. 2728, Central Bank Area, Ruwi, Messers Hussein Ahmed Al Lawati and Riad Kamal Daud were appointed as independent directors for the remaining of the Board of Director’s term as no other candidates have submitted their candidacy for two (2) vacant seats for independent directors.

Feb 28, 2018 | 09:48AMOMAN REFRESHMENT
Company
Disclosure of Decisions taken by The Board of Directors meeting held on 27th Feb 2018

    Disclosure of Decisions taken by The Board of Directors meeting held on 27th Feb 2018

At the Annual General Meeting (“AGM”) of Oman refreshment Company SAOG (“ORC/the company”) held at 3 pm on Tuesday 27th Feb 2018 at AL Falaj Hotel, Ruwi , following persons were elected as members of the new Board of Directors for a new term of office of 3 years:

Sr No

Name

Representing

Director Category

1

Buti Obaid Al Mulla

Mohamed & Obaid Al Mulla LLC

Non - Independent

2

Sheikh Hamoud Ahmed Mohamed Al Hinai

Self

Non - Independent

3

Mohamed Abdullah Moosa Al Raisi 

Self

Non - Independent

4

Ali Humaid Al Owais

Self

Independent

5

Mohamed Abdul Aziz Al Owais

Self

Independent

 

The new Board of Directors (“Board”) met after the Annual General Meeting (“AGM”) and elected Mr. Buti Obaid Al Mulla as the Chairman and Sheikh Hamoud Ahmed Mohamed Al Hinai as the Vice Chairman.

The Board has appointed an Audit Committee on the same terms of existing Audit Committee charter of the Company. The new audit Committee comprised of Mr. Mohamed Abdul Aziz Al Owais as the Chairman, Sheikh Hamoud Ahmed Mohamed Al Hinai & Mr. Ali Humaid Al Owais as its members. All the Audit Committee members have considerable Business, Accounting & Financial management experience.

The board has appointed a Nomination & Remuneration Committee (REMCO) on the same terms of existing REMCO charter of the company. The new REMCO comprised of Mr. Ali Humaid Al Owais as the Chairman, Mr. Mohamed Abdullah Moosa Al Raisi and Mr. Buti Obaid Al Mulla as members

The board has appointed Mr. Sulaiman Abdullah Al Salmi as the Secretary to the Board for the same term of 3 years of this new Board.  

 

Buti Obaid Al Mulla

Chairman

Feb 28, 2018 | 09:14AMBANK MUSCAT
Company
INVITATION For an Annual Ordinary General Meeting of the Shareholders of the bank

 

Refer to the bank muscat's Annual General Meeting Invitation, bank muscat “SAOG” takes pleasure in inviting its shareholders to an Annual Ordinary General Meeting (AGM) to be convened at “Muscat Hall” at the Head Office Building of the bank at the Airport Heights,on Sunday, 18th March, 2018at 4:00 p.m.

 

Feb 28, 2018 | 08:55AMOMAN REFRESHMENT
Company
Annual General Meeting and Extra Ordinary General Meeting Resolutions

Annual General Meeting and Extra Ordinary General Meeting Resolutions

The Annual General Meeting (“AGM”) and Extra Ordinary General Meeting (“EGM”) of Oman Refreshment Company SAOG (“ORC”) was held at 3 pm on Tuesday, 27th February 2018 at Al Falaj Hotel, Ruwi. Besides the esteemed shareholders of the Company, the AGM and EGM was attended by the CMA delegate, in addition to the representatives of Legal Advisors & Statutory Auditors of the Company. The percentage of shares represented in the meeting amounted to 78.5%.

 

The following resolutions were passed in the EGM:

1.            To amend Article 25 of the Company’s Articles of Association to read as:

a.            The selection of members of the Board of Directors from the shareholders or others provided if the candidate is a shareholder, he must own minimum 72,500 shares.

b.            The Company is managed by a Board of Directors comprises of five (5) members who are elected by the Ordinary General Assembly for a period of three renewable fiscal years.

The following resolutions were passed in the AGM:

  1. Approval of the report of Board of Directors for the financial year ended on 31st December 2017.
  2. Approval of the Board of Directors performance report for the financial year ended on 31 December 2017.
  3. Approval of the Report on Corporate Governance for the financial year ended on 31st December 2017.
  4. Approval of the Auditors’ report, Consolidated Statement of Financial Position and Consolidated Statement of Comprehensive Income for the year ended on 31st December 2017.
  5. Approval of proposed cash dividend at the rate of 75% (being 75 Baizas per each share) of the paid up share capital of the Company.
  6. Approval of the sitting fees availed by the members of the Board of Directors and members of the Board’s sub-committee for the financial year 2017 and the shareholders have also specified the sitting fees for the next financial year 2018.
  7. Approval of the Directors remuneration of RO 169,400 being availed by the members of the Board of Directors for the financial year 2017.
  8. Approval of the related party transactions during the financial year ended 31st December 2017.
  9. Approval of the transactions & contracts which will be entered into with related parties during 2018.
  10. The amounts paid/committed for Corporate Social Responsibility programs during the financial year 2017 were brought to the attention of the Shareholders.
  11. Approval of RO 100,000 for various Corporate Social Responsibility programs, which shall be used out of 2018 profits.
  12. Approval of the Performance criteria for evaluating the Performance of Board & its members.
  13. Protiviti was appointed as consultant for evaluating the Performance of Board & its members for the year ending on 31 December 2018 and their proposed fee was approved.
  14. The Following persons were elected unanimously to the Board of Directors for a new term of three years:

S. No

Name

Representing

Director Category

  1.  

Buti Obaid Al Mulla

Mohamed and Obaid Al Mulla

Non- independent

2.

Hamoud Ahmed Mohamed Al Hinai

Self

Non- independent

3.

Mohamed Abdullah Moosa Al Raisi

Self

Non-independent

4.

Ali Humaid Al Owais

Self

Independent

5.

Mohamed Abdul Aziz Al Owais

Self

Independent

 

  1. PriceWaterhouseCoopers (PWC) were appointed as statutory auditors for the financial year ended 31 December, 2018 and their proposed fee was approved.

Since there were no other matters to be deliberated in the meeting, the meeting concluded its business thereafter.

Buti Obaid Al Mulla

Chairman of AGM and EGM

Feb 28, 2018 | 08:40AMVISION INSURANCE
Company
Upload of Audited financial statements for the year ended 31 December 2017

This is to inform shareholders that we have uploaded Audited Financial Statements for the year ended 31 December 2017 on MSM Web Site.

Feb 28, 2018 | 08:27AMAL MADINA TAKAFUL
Company
Dividend Distribution Announcement

“The Board of Directors agreed to recommend to Annual General Body meeting a payment of 4% (4 Baizas per share) of Cash dividend to the shareholders from its retained income as per the audited financial statement for the year 2017 subject to approval by the Capital Market Authority.”

Feb 28, 2018 | 08:23AMAL MADINA TAKAFUL
Company
Approval of audited financial statement for the year 2017

In the Board Meeting held on 27th February 2018, the Board of Al Madina Insurance Company SAOG approved the audited financial statement for the year 2017.The financial statements have been uploaded on the MSM’s website.

Feb 28, 2018 | 08:09AMBANK MUSCAT
Company
Invitation for an Annual Ordinary General Meeting of the Shareholders

 

INVITATION

 

 

For an Annual Ordinary General Meeting of the Shareholders of the bank

 

 

 

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

 

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

 

3.       To consider and approve the Board and its Committees Appraisal and Evaluation for the financial year ended 31st December, 2017.

 

4.       To consider the Auditor’s Report and approval of the Balance Sheet and Profit and Loss Accounts for the financial year ended 31st December, 2017. 

 

5.       To consider the report of the Shari’a Supervisory Board of Meethaq, the Islamic Banking window, for the financial year ended 31st December, 2017.

 

6.       To consider and approve the recommendation to distribute cash dividend at the rate of (30%) of the issued share capital of the bank (being 30 Baiza cash dividend for each share of a nominal value of 100 Baiza) for the financial year ended 31st December, 2017.  Cash dividend will be distributed to the shareholders as at the date of the meeting.

 

7.       To consider and approve the recommendation to distribute stock dividend at the rate of (5%) per share of the issued share capital of the bank (being 5 bonus shares for each 100 shares) for the financial year ended 31st December, 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 bank from (2,709,361,852) shares to (2,844,829,944) shares of a nominal value of (100) Baiza each.

 

8.       To consider and ratify the sitting fees for the Board of Directors and its committees’ meetings for the financial year ended 31st December, 2017 and fixing sitting fees for (2018).

 

9.       To consider and approve the Board of Directors’ remuneration of RO. 124,700/- for the financial year ended 31st December, 2017. 

 

10.     To consider a Report on Related Party Transactions for transactions concluded during the financial year ended 31st December, 2017.

 

11.     To appoint the statutory auditors and the external independent Sharia auditors for Meethaq, the Islamic banking window of the bank, for the financial year 2018 and fixing their fees, subject to the applicable regulatory approvals.

 

 

 

 

 

 

 

Feb 27, 2018 | 05:33PMPHOENIX POWER
Company
Board of Directors resolutions’ disclosure

Phoenix 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 27 February 2018:

 

  1. Approval of the audited financial statements for the year ended 31 December 2017 together with the Board of Directors’ Report, Management Discussion and Analysis Report and the Corporate Governance Report.
  2. Ratification of the related party transactions in 2017.
  3. Approval of the related party transactions in 2018.
  4. Approval of the Corporate Social Responsibility Annual Plan and Budget for 2018.
  5. Request the Shareholders in forthcoming AGM to authorize the Board of Directors to determine and distribute cash dividends to the Shareholders of the Company (who are registered with the MCDC as of the dates to be decided by the Board of Directors) in July 2018 and January 2019 out of the retained earnings as per the audited financial statements for the year ended 31 December 2017, provided that the aggregate amount shall not exceed 4.8% (four point eight percent) of the paid up share capital of the Company (i.e., 4.8 (four point eight) Baizas per share).
  6. Approval of the agenda of the annual general meeting of the Company on 19 March 2018.
  7. Request the Shareholders in forthcoming AGM to approve an independent party for the appraisal for the Board of Directors of the Company for the financial year ending 31 December 2018.
  8. Acceptance of the resignation of Mr. Peter Kevin Jones from his position as Chief Executive Officer of the Company with effect from 1 April 2018.
  9. Approval of the appointment of Mr. Paul Atkinson as Chief Executive Officer with effect from 1 April 2018.
  10. Appointment of Ms. Ahlam Al Zadjali as the Company’s Internal Auditor as a replacement of Mr. Ahmed Al Abri with effect from 1 April 2018.
  11. Recommend the appointment of the auditors of the Company for the financial year ending 31 December 2018 and determination of their remuneration.
Feb 27, 2018 | 04:57PMAL JAZEERA SERVICES
Company
Invitation to attend Annual Ordinary General Meeting

The Board of Directors of Al Jazeira Services Co. SAOG is pleased to invite the Company’s Shareholders to attend the Company’s Ordinary Annual General Meeting, to be held on Wednesday, 21 March 2018 at 5.00 pm at Al Afrah-3, Grand Hyatt Muscat to discuss the following agenda:

  1. To consider and approve the Board of Directors’ Report  for the financial year ended 31.12.2017.
  2. To consider and approve 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 31.12.2017.
  4. To consider the Auditors’ Report and to approve the Balance Sheet and Profit & Loss account, for the financial year ended on 31.12.2017.
  5. To consider and approve the proposed cash dividend to the Shareholders, as per the date of the meeting, at the rate of  15 % of the Company’s capital (15 baisa per share)  for the financial year ended 31.12.2017.
  6. To approve sitting fees of the Board and Committee meetings paid to the Board members for the  previous financial year, and to determine the sitting fees for the next financial year .
  7. To consider and approve the proposal of distributing the total sum of RO 39,000 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 the related parties during the financial year ended 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 the amounts allocated and spent for the Company’s Corporate Social Responsibilities  for the year ended on 31.12.2017
  11. To discuss and approve the proposed allocation of RO 15,000/- to fulfill the Company’s Corporate Social Responsibilities for the year ending on 31.12.2018.
  12.  To approve the criteria for measuring the performance of the Board of Directors for the financial  year ending on 31.12.2018.
  13.  To appoint an independent entity to evaluate the performance of the Board of Directors for the financial year ending on 31.12.2018 and to determine 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 Sunday, 18th 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, he/she should own not less than 100,000 shares at the date of the meeting.
  15.  To appoint Auditors of the Company for the financial year ending on 31.12.2018 and to approve their fees. 

In Accordance with the Company’s Articles of Association, any shareholder is entitled to authorize in writing any other person to attend the meeting and vote on its  decisions on his behalf, provided the authorization is made by the  proxy form attached to the invitation. If the proxy is issued by a natural person, a copy of such person ID card in the case of adults, a copy of the passport in case of women and minors who do not have ID cards, and copy of resident card or passport in case of non Omani must be attached to the proxy form. For juristic persons, the authorization should be signed by authorized signatory. The proxy form should carry the stamp of the company and a copy of the commercial registration and authorized signatories list of the company must be attached.

Shareholders are requested to arrive about half an hour before the scheduled meeting time.For further information please contact Miss Badriya Khamis Al Abri on telephone No. 24706499 or email: damacinv@omantel.net.om

Deputy Chairman                    Auditors                         Legal Advisor

Feb 27, 2018 | 04:46PMSAHARA HOSPITALITY
Company
Resolutions approved at the AGM, 27 Feb 2018

 

With reference to the above, and on behalf of Sahara Hospitality Company (SAOG) (Company), we hereby provide you with the resolutions passed at the Annual General Meeting (AGM) held at 3:00 p.m. on Tuesday, February 27, 2018 at the Business Hall in the Capital Market Authority, Muscat, Sultanate of Oman.


Resolutions approved at the AGM are as follows:

 

1.       Directors' Report for the financial year ended November 30, 2017.

2.       Evaluation of the performance of the Board of Directors for the year ended on November 30, 2017.

3.       Corporate Governance Report for the financial year ended November 30, 2017.

4.       Auditor's report, (Balance Sheet and Profit and Loss Account) for the financial year ended November 30, 2017.

5.       Distribution of cash dividend of 150 Baizas per share (equalling 15% of the share capital) for the financial year ended November 30, 2017 to the shareholders on the date of the AGM.

6.       Distribution of stock dividend of 5% of the issued share capital (5 bonus shares for each 100 shares) for the financial year ended November 30, 2017 to the shareholders on the date of the AGM.  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.       Distribution of the amount of RO 115,019, being remuneration for the directors for the year ended November 30, 2017.

8.       Transactions that the Company entered into with related parties during the financial year ended November 30, 2017.

9.       Transactions proposed to be entered into with related parties during the financial year ended November 30, 2018.

10.     The criteria for evaluating the performance of the Board of Directors for the year ended on November 30, 2018.

11.     Appointment of IBN Hyan Chartered Accountants as an independent third party for appraising the performance of the Board of Directors for the financial year ending November 30, 2018 for a fee of RO.1,800.

12.     Appointment of KPMG as Company External Auditors for the year ending November 30, 2018 for a fee of RO 5,250.

 

Yours Faithfully,

For SAHARA HOSPITALITY CO. (S.A.O.G)

 RAYMOND BEJJANI

DEPUTY CHAIRMAN

Feb 27, 2018 | 04:22PMVOLTAMP ENERGY
Company
Release of Audited Financial Reports for the year ended 31/12/2017

Voltamp Energy SAOG has posted its Consolidated Audited Financial Reports and other reports for the financial year ended 31st December 2017 on MSM website.

Feb 27, 2018 | 04:19PMALMAHA PETROLEUM PRODUCTS MAR.
Company
NOTICE OF EXTRAORDINARY GENERAL MEETING AND ANNUAL GENERAL MEETINGS

The Board of Directors of Al Maha Petroleum Products Marketing Co. SAOG, cordially invites all the respected shareholders of the Company to attend the Extraordinary General Meeting (EGM) and Annual General Meeting (AGM) scheduled to be held on Thursday, 15 March 2018 at 5:00 PM at Diwan Hall,Sondos Rotana Hotel (next to Golden Tulip Hotel - opposite the airport) to discuss the following agenda: 

Agenda for Extraordinary General Meeting

To consider and approve the amendments to certain articles of the Company's Articles of Association.

Agenda for Annual General Meeting 

  1. Review and approve the “Board of Directors’ Report” for the financial year ended 31 December 2017.
  2. Approval of the performance report of the Board of Directors for the financial year ended 31 December 2017.
  3. Review and approve the “Corporate Governance Report” for the financial year ended 31 December 2017.
  4. Review the “Auditor’s report” and approve the audited financial statements for the financial year ended 31 December 2017.
  5. Review and approve the proposed cash dividend of 65 Baisa per share which is equivalent to 65% of the paid-up Share capital for the financial year ended 31 December 2017.
  6. Ratify the sitting fees availed by the members of the Board of Directors and members of the Board’s sub-committees for the financial year ended on 31 December 2017 and to fix the sitting fees for the next financial year.
  7. Review and approve the proposal of distributing a total sum of RO 134,000 as the Board of Directors remuneration for the financial year ended 31 December 2017.
  8. Inform the related party transactions during the financial year ended 31 December 2017.
  9. Review and approve the transactions that the company will undertake with the related parties during the financial year ending 31 December 2018.
  10. The amount spent to support social welfare activities during the financial year ended 31 December 2017.
  11. Review and approve the proposal of RO 50,000 to support social welfare activities during the financial year ending 31 December 2018.
  12. Appoint statutory auditors for the financial year ending 31 December 2018 and fix their fees.
  13. Approval of the criteria for measuring the performance of the Board of Directors for the financial year ending 31 December 2018.
  14. Appoint an independent expert for performance appraisal of directors for the year ending on 31 December 2018 and to fix their fees.

 

In accordance with the Articles of Association of the Company, each shareholder has the right to appoint in writing a proxy who may attend and vote on his/her behalf. The shareholder who wishes to appoint a proxy shall complete and sign the proxy form enclosed with the invitation to the meeting. In case of  a natural person the proxy should be submitted along with  a copy of the  ID card for adults,  passport for women and minors who do not have a personal identity card and resident card or passport for non-Omanis. In case of a juristic person or company the proxy form should be signed by one of the authorized signatories and should bear the seal of the company and should be accompanied by company’s certificate of registration and certificate of authorized signatories.

 

You are kindly requested to arrive at the meeting venue at least half an hour before the meeting.

 If you have any queries please contact Mr. Nasr Aly Hussein Abdelwareth, legal advisor, on telephone 24610295 or 24610200.

Feb 27, 2018 | 03:25PMMAJAN GLASS
Company
Invitation of the Annual Ordinary General Meeting

INVITATION OF THE ANNUAL ORDINARY GENERAL MEETING

FOR MAJAN GLASS COMPANY S.A.O.G.

 

P.O. BOX – 17, POSTAL CODE – 327 SOHAR INDUSTRIAL ESTATE, SULTANATE OF OMAN

 

The Board of Directors of Majan Glass Company (SAOG) is pleased to invite the Company’s shareholders to attend the company’s ordinary Annual General Meeting, to be held at 3 PM, on Tuesday, 20/3/2018 in  Muscat hall , Oman Chamber of Commerce and Industry 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 approve 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 approve the sitting fees to the Board of Directors meetings and its sub-committees for previous financial year ended 31/12/2017, and to determine the sitting fees for the next fiscal year ending on 31/12/ 2018.

6)   To consider and approve the proposal of distributing the total sum of RO 26,200/- as remuneration for the Board of Directors of the Company for the financial year ended on 31/12/2017.

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

8)   To consider and approve the transactions the company will enter into with related parties during the 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 an amount of RO 2000/- for Corporate Social Responsibility programs, for the year ending on 31/12/ 2018 which shall be used out of the 2018 profit.

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 entity to evaluate the performance of the Board of Directors for the fiscal year ending on 31/12/2018, and determine their fee.

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 15/03/2018). 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 5000 shares at the date of the meeting.

14)   The appointment of the Auditors for the Company for the financial year ending 31/12/ 2018 and determine 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. M.A.Khabouri on 99726144.

 

 

 

Dy. Chairman             Auditor                              Legal Advisor     

 

Feb 27, 2018 | 02:25PMNATIONAL MINERAL WATER
Company
BOD Approval of Accounts 2017

BOD Approval of Accounts 2017

 

Board of Directors in their meeting held on 26th February 2018, approved the audited financial statements for the year ended 31 December 2017, with following key figures, subject to approval of shareholders in Annual General Meeting scheduled to be held on 19th March 2018.

 

 

 (Figures in RO)

 

Parent Company

Group

 

2017

2016

2017

2016

Sales (inclusive of other income)

7,647,457

7,244,475

7,678,120

7,244,475

Net Profit/(Loss)

395,077

488,092

3,878,936

(502,097)

Net Worth

2,501,874

2,106,797

2,443,166

(655,214)

Feb 27, 2018 | 09:20AMNATIONAL GAS
Company
Audited Results for 2017 and Declaration of Dividends
Audited Consolidated Results of National Gas Company (SAOG) for the Year ended 31 December 2017
  
National Gas Company (SAOG), is pleased to disclose the summarized consolidated results for the year ended on 31 December 2017
        Values in RO
Particulars December 31, 2017 December, 2016
Group Parent Group Parent
(Audited) (Audited) (Audited) (Audited)
Total Income            78,190,249             12,696,835             61,371,856             12,286,073
Total Expenses          (75,510,872)           (12,000,782)           (57,324,137)           (11,685,584)
Net Profit After Income Tax              2,679,377                  696,053               4,047,719                  600,489
Non-Controlling Interests *              1,008,048                           -                 1,251,453                            -  
         
Attributable to Equity Holders of National Gas Co. :        
Net Profit after tax 1,671,329 696,053 2,796,266 600,489
Earning Per Share EPS (Baiza)                     0.028                      0.012                      0.047                      0.010
Net Assets            18,895,399             16,183,417             17,041,664             16,375,092
Net Assets Value Per Share                     0.315                      0.270                      0.284                      0.273
         
* Non-controlling Interests represent profit / loss not attributable to the equity holders of National Gas Company.
Post transfer of the UAE business to NGC Energy LLC, Umm Al Quwain, the company had commenced the liquidation process for its fully owned subsidiary "NGC Energy FZE" located in Fujairah Free Zone. The liquidation process has been completed and profits amounting to RO 501,214/- have been transferred to the Parent company National Gas Company SAOG on the closure of the subsidiary. These profits had been considered both in the parent company and the group financials however based on audit advise, the same has been eliminated from the group financials post completion of the audit by the external auditors.
The Company had also initiated the liquidation of its joint venture NGC Buzwair LLC, the liquidation process whereof is still underway. A loss of RO 4,735/- has been considered in the books of accounts.
Recommended and proposed a cash dividend of 5 % and Bonus Share of 16.67% (1 share for each 6 shares held), RO 1,000,000 (10,000,000 no of shares), to take the issued and paid up share capital of the company to RO 7,000,000 (70,000,000 no of Shares).
Previous year figures have been re-grouped as per the current groupings.
 These are subject to the approval of the shareholders at the Annual General Meeting to be held on 21 March 2018.
Feb 27, 2018 | 08:59AMAL BATINAH HOTELS
Company
Notice regarding Agenda of AGM

Further to the disclosure issued by the Company on 25 February 2018 regarding the Agenda of the Annual General Assembly Meeting. We would like to announce that there is a typo in the time, it should be at 3:00 pm instead of 5:00 pm 

Feb 27, 2018 | 08:58AMACWA POWER BARKA
Company
Public announcement - Tax case decision

“To update in respect of litigation with the Secretariat General for Taxation, the company understands that the Supreme Court has made its decision in the tax cases for 2006-09. The Company’s lawyer was conveyed "mantouk al hokum" from the Supreme Court, which is basically the final concluding sentences of the judgement only, and the Court's detailed written decision is still awaited from the Court for legal review. The Company understands that the Supreme Court has (i) overturned the decision of Appeal Court and ruled against the Company on the matter of carry forward of losses incurred during the exemption period (as detailed in the Company's published audited financial statements for 2015 and 2016) and (ii) accepted the Company's case on the allowance of the technical fee, but the Court's detailed written decision is required in order to confirm this understanding.

 

This decision will have an adverse impact of around RO 4.7 million and will affect the Company's financial results for the year ended 31 December 2017. The Company's previously disclosed initial unaudited results will also be adversely impacted.

 

The Company will assess the decision further once the written judgement is received.”

Feb 27, 2018 | 08:23AMALMAHA CERAMICS
Company
Board of Directors Decisions

Al Maha Ceramics Board of Directors decided the following during the meeting held on Monday, February 26th , 2018:

1-      Adopted the Audited Financials for the year 2017 subject to the approval of AGM.

2-      The Board has proposed cash dividend of 27 % (27 Baizas per share) on paid up capital of the company for the year ended December 31, 2017.

3-      Invite the Shareholders to attend the AGM ( Annual General Meeting) to be held on Tuesday, March 27th, 2018

 

Feb 26, 2018 | 09:21PMOMAN CHLORINE
Company
audited consolidated financial statement for the year ended 31 December 2017

 

The Board of Directors of Oman Chlorine SAOG has approved the audited consolidated financial statement for the year ended 31 December 2017 in their meeting held on 26 February 2018 .

 

Parent

Consolidated

 

2017

2016

2017

2016

 

RO

RO

RO

RO

 

 

 

 

 

Revenue

7,221,426

7,246,669

7,985,012

7,246,669

Cost of sales

(3,710,690)

(3,060,522)

(4,381,792)

(3,060,522)

Gross profit

3,510,736

4,186,147

3,603,220

4,186,147

Selling and distribution expenses

(788,701)

(686,833)

(1,075,985)

(686,833)

 

General and administrative expenses

(898,664)

 

 (1,053,794)

(1,507,133)

 

(1,544,437)

Operating profit

1,823,371

2,445,520

1,020,102

1,954,877

Finance charges

(86,246)

(40,281)

 (349,618)

(40,281)

Other income

269,871

151,622

349,815

322,164

Share of loss of Joint Venture

-

-

(3,627)

-

Profit before taxation

2,006,996

2,556,861

1,016,672

2,236,760

Income tax

(434,512)

 (331,453)

(434,512)

(331,453)

Profit for the year

1,572,484

2,225,408

582,160

1,905,307

Other comprehensive income:

 

 

 

 

Items that are or may be reclassified to profit or loss:

 

 

 

 

Currency translation difference of foreign subsidiaries

 

-

 

-

 

(1,212)

 

-

Net changes in cash flow hedge reserve

-

__________

-

__________

-

__________

710,743 __________

Total comprehensive income

1,572,484

2,225,408

580,948

2,616,050

Results attributable to:

 

 

 

 

   Parent Company shareholders

1,572,484

2,225,408

999,638

2,045,561

   Non-controlling interest

-

-

(417,478)

(140,254)

 

1,572,484

2,225,408

582,160

1,905,307

 

 

 

 

 

Total comprehensive income attributable to:

 

 

 

 

   Parent Company shareholders

1,572,484

2,225,408

999,073

2,408,040

   Non-controlling interest

-

-

(418,125)

208,010

 

1,572,484

2,225,408

580,948

2,616,050

Earnings per share on profit

   attributable to the Parent

   Company shareholders –

   Basic and diluted

0.0231

0.0327

0.0147

0.0300

 The above is subject to approval in the Annual General Meeting to be held on March 28, 2018.

Feb 26, 2018 | 09:03PMOMAN CHLORINE
Company
Decisions of the Board of Directors meeting 26.02.2018

The Board of Directors of Oman chlorine (SAOG) convened on February 26, 2018 and approved the audited consolidated financial statements for the year ended December 31, 2017 where the company’s net profit amounted to RO 999,638 (Rial Omani - Nine Hundred ninety nine Thousand Six Hundred and Thirty Eight only) as compared to RO 2,045,561(Rial Omani Two Million Forty Five Thousand Five Hundred and Sixty One 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 15 % per share

Submit the said recommendation to the company’s shareholders for approval at the Annual General Meeting, scheduled for 28 March 2018.

Feb 26, 2018 | 05:24PMMUSCAT GASES
Company
INVITATION OF ANNUAL ORDINARY GENERAL MEETING

The Board of Directors of Muscat Gases Company S.A.O.G is pleased to invite all the shareholders of the Company to attend the Annual Ordinary General Meeting to be held at 3:00 PM on Tuesday, 13th March 2018 at Golden Tulip Hotel Al-Seeb at Al Jalali Hall, The agenda for the meeting is as follows:

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

  2. 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 year ended 31st December 2017.

  4. To consider the Auditor’s Report and approve the Balance Sheet and Profit & Loss Account for the year ended 31st December 2017.

  5. To consider and approve a cash dividend of 71.97% on capital (equal to 72 baisa of each share).

  6. To ratify the payments of sitting fees for the Board and its committees’ meetings for the year ended 31st December 2017 and sitting fees for the financial year 2018.

  7. To review the transaction entered into by the Company with related parties during the year ended   31st December 2017.

  8. To review and approve the transactions to be entered into by the Company with related parties for the year ending   31st December 2018.

  9. To review the amount spent for CSR during the financial year ended 31/12/2017

  10. Consider and approve the proposed allocation of OMR 3,000 as corporate social responsibility expenditure for the year ending on 31st December 2018.

  11. To approve the Board evaluation criteria for the financial year ending 31st December 2018.

  12. To appoint an independent consultant to evaluate the performance of the Board for the financial year ending 31.12.18 and determine their fees.

  13. To appoint auditors for the year 2018 and to approve their fees.

Pursuant to the Articles of Association of the Company, any Shareholder may authorize, in writing, any person to attend the meeting and vote on his behalf attached to the Proxy Form, If the proxy is issued by a natural person, a copy of such person’s ID card in case of adults, copy of the passport in case of women and minors and copy of resident card or passport in case of non-Omanis must be attached to the proxy Form. If the proxy is issued by a juristic person the Proxy Form must be Sealed by the Company’s Certificate of Commercial Registration and Authorized Signatories Form must be attached to the Proxy Form.

The shareholders and their Proxies are requested to be present at the meeting hall, at least half and hour prior to the commencement of the meeting for registration. Any questions relating to this Notice should be addressed to Mr. Fahad Saud Al-Hooti (Telephone No. + 968 24446030 or Fax No. + 968 24446031.

 

 Chairman                          Auditor                        Legal Adviser                                          

                                                                                                                     

Omar Ahmad Salim Qatan   Ernst & Young LLC            Rajab Al Kathiri Associates

                                                                              Lawyers & Legal Consultants

                                                                                                                      

                                                                                                                        

Feb 26, 2018 | 04:51PMALMAHA PETROLEUM PRODUCTS MAR.
Company
Upload of Audited financial statements for the year ended 31 December 2017

This is to inform shareholders that we have uploaded Audited Financial Statements for the year ended 31 December 2017 on MSM Web Site.

 

Hamdi El Sayed

General Manager-Finance

Muscat: 26 February 2018

Feb 26, 2018 | 02:17PMGULF MUSHROOM PRODUCTS
Company
INVITATION TO ATTEND THE AGM

INVITATION TO ATTEND ORDINARY ANNUAL GENERAL MEETING

(UN-OFFICIAL TRANSLATION OF APPROVED ARABIC VERSION)

 

The Board of Directors of Gulf Mushroom Products Company SAOG is delighted to invite all shareholders of the company to attend the Ordinary Annual General Meeting (AGM) scheduled to be held on Tuesday, 13/03/2018 at 3:00 PM at Sohar Hall, Muscat Intercontinental Hotel to conduct the following business: 

 

Ordinary General Meeting :

  1. To consider and approve the report of the Board of Directors for the financial year ended 31/12/2017
  2. To consider and approve the performance appraisal report of directors for the financial year ended 31/12/2017 
  3. To consider and approve the Corporate Governance Report for the financial year ended 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 31/12/2017 
  5. To approve the sitting fees availed by the members of the Board of directors and members of the Board’s sub-committees for past financial year ended on 31/12/2017 and to fix the sitting fees for the next financial year 
  6. To inform the meeting of related party transactions during the financial year ended 31/12/2017 
  7. To inform the meeting of social welfare activities and amount spent thereon during the financial year ended 31/12/2017 (Annexure-4) 
  8. To consider and approve the budget of RO 10,000 (Riyal Omani Ten Thousand Only) for social welfare activities during the financial year ending 31/12/2018
  9. To appoint statutory auditors for the financial year ending 31/12/2018 and fix their fees
  10. To consider and approve the criteria for performance appraisal of directors for the year ending on 31/12/2018 (Annexure-5)
  11. To appoint an independent expert for performance appraisal of directors for the year ending on 31/12/2018 and to fix their fees (Annexure-5)

 Pursuant to the Articles of Association (No.37) of the Company, any shareholder may authorize any other person to attend the meeting on his behalf and vote on any resolution provided that such authorization is given in writing on the proxy form which is part of the invitation for the meeting issued by the Muscat Depository and Clearing. In case of  a natural person the proxy should be submitted along with  a copy of the  ID card for adults,  passport for women and minors who do not have a personal identity card and resident card or passport for non-Omanis. In case of a juristic person or company the proxy form should be signed by one of the authorized signatories and should bear the seal of the company and should be accompanied by company’s certificate of registration and certificate of authorized signatories.

 

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

If you have any queries please contact Mr. Abdullah Nasser Al Hadhrami on telephone 26884255 ext. 224.

 Chairman                                          Auditors                                Legal Advisor

Feb 26, 2018 | 09:47AMVOLTAMP ENERGY
Company
Voltamp Board approves Audited Financial Results for 2017

In the board meeting held on Sunday 25th  February 2018 which concluded at 5 pm, the Board of Directors of Voltamp Energy SAOG approved the consolidated audited Financial Statements for the year 2017 and recommended the same for approval to the Shareholders at the Annual General Meeting to be held on Monday , 26th March 2017 at 5 pm.

 Highlights of Financial Statements for the group are as follows:

 

  1. Sales increased from RO 41,154,696 in 2016 to RO 43,047,185 in 2017 registering a growth of 4.6%
  2. Net Profit after tax decreased from RO 3,630,232 in 2016 to RO 3,026,577 in 2017 registering a decline of  16.6%
  3. Earnings per share (Face Value RO 0.100) was 43 Bzs in 2017 compared to 51 Bzs in 2016. 2016 figs are reinstated by increased number of shares in 2017.
  4. Net asset per share (Face Value RO 0.100) decreased to 326 Bzs as on 31 December 2017 compared to 356 Bzs as on 31 December 2016
  5. The Board recommended cash dividend of 15 Bzs (15%) per share and stock dividend of (15%) of the paid up capital ( 15 shares for every 100 shares) , and in this case need to increase share capital from 70,785,000 shares to 81,402,750 shares to be approved by the Shareholders at the Annual General Meeting

 The audited Financial Statements along with the Chairman’s Report, Management Discussion Report and Corporate Governance Report will be uploaded in Muscat Securities Market.  The audited Financials Statements and other reports will be sent to Shareholders for approval at the coming AGM

Feb 26, 2018 | 09:16AMGULF INTERNATIONAL CHEMICALS
Company
Major Decisions taken in Board Meeting dated 25/2/2018

We are pleased to disclose the major decisions taken by the Board of Directors of the company in their meeting held on 25thFebruary 2018:

1-.The Board has approved the consolidated Audited Financial Statements and related reports for the year ended 31st December 2017.

The Summary of the consolidated financial results for the year ended 31st December 2017are as below:

-Revenues for the year ended 31 December 2017 was RO 2,570,354 as compared to RO 2,994,544 for last year.

-Total expenses for the year ended 31 December 2017 was RO 2,375,949 as compared to RO 2,456,637 for last year.

- Other Income for the year ended 31 December 2017 was RO 160,674 as compared to RO 134,427 for last year.

-Net Profit after tax for the year ended 31 December 2017 was RO 329,734 as compared to RO 587,211 for last year.

-Net assets per share for the year ended 31 December 2017 was RO 0.140 as compared to RO 0.153 for last year.

-Retained earnings available for distribution to shareholders of the parent company for the year ended 31 December 2017 was RO 304,746 as compared to RO 604,208 for last year

The audited financial statements and other related reports for the year 2017 will be up loaded in MSM website within the statutory period of two weeks prior to the AGM.

 

2-.The Board proposed distribution of cash dividends to all shareholders at 14.5% of its capital (i.e. 14.5 Baiza per share) for the financial year ended 31/12/2017, subject to the same being approved by the shareholders at the Annual General Meeting to be held on 18th March 2018.

Feb 26, 2018 | 08:36AMOMAN AND EMIRATES INV. HOLDING
Company
BOARD MEETING No.2-2018

We would like to inform you that the Board of Directors of Oman & Emirates Investment Holding Company SAOG will hold its meeting No. 2/2018 on Thursday 1st March 2018 at 1:00 PM. in Muscat to discuss and approve the Final Accounts for the year ended 31st December 2017. We shall provide you with the major resolutions that may be taken by the Board.

 

Kind regards

 

 

 

 

 

Sultan Salem Al Debei

Secretary of the Board  

Feb 26, 2018 | 08:35AMDHOFAR POULTRY
Company
DPC Board Meeting Decisions

Decisions taken at DPC Board Meeting

Held on 25th Feb 2018

DPC Board meeting held on 25th Feb 2018 and issued the following decisions :

  1. Approved Audited Financials for year 2017 and Auditor’s Report, Chairman Report, CG Report, MDA Report, Board performance Report for 2017 and submit to AGM for approval.

  2. Approved to call for AGM on Tuesday 27th March 2018 and approved AGM agendas.

  3. Approved related parties’ transaction for year 2017 and the recommended one for year 2018.

     

    The summary of audited financial results for the year end 31 Dec 2017 comparison to 2016 :

Item

2017 (RO)

2016 ( RO )

%

Revenue

10,108,324

9,828,443

2.85%

Cost of sales

(8,485,171)

(8,071,983)

5.11%

Gross Profit

1,623,153

1,756,460

-7.59%

Other income

72,721

102,875

-29.31%

General and administration

(851,620)

(645,771)

31.87%

Selling and distribution

(441,823)

(554,089)

-20.26%

Finance costs

(263,488)

(229,581)

14.77%

Net (loss)/ profit before taxation

138,934

429,894

-67.68%

tax

(24,290)

(54,204)

-55.19%

Net (loss)/ profit after taxation

114,644

375,690

-69.48%

 

The audited financial statements and other reports will be up loaded in MSM website within the statutory period of two weeks prior to the AGM.

Feb 26, 2018 | 08:09AMGALFAR ENGINEERING AND CON.
Company
Daleel Petroleum LLC awards Galfar contract on “Provision of Construction Services for Daleel On- Plot Areas”, estimate value RO 29.7 Million

This is to inform our esteemed Shareholders and Investors that Daleel Petroleum LLC has awarded to Galfar a Contract for “Provision of Construction Services for Daleel On-Plot Areas”. This is an On plot service contract for a duration four (4) years starting from date of award of 15/2/2018 with One (1) year extension option with an estimated value of RO 7.44 Million per year. The estimated value of this four year contract is RO 29.7 Million (Rial Omani Twenty Nine Million Seven Hundred Thousand). The mobilization period of the contract is three months. We expect reasonable income from this project.

 

 Dr. Hans Erlings

Chief Executive Officer

Feb 25, 2018 | 03:25PMUNITED POWER
Company
Invitation to Extraordinary General Meeting and Annual Ordinary General Meeting

The Board of Directors of United Power Company SAOG. (hereinafter referred to as the “Company”) is pleased to invite the Shareholders of the Company to the Extraordinary General Meeting (EGM) and  the Annual General Meeting (AGM) to be held at [5.00] pm on Thursday 8 March 2018 at the Nazwa and bahla Hall at Muscat Intercontinental Hotel, Muscat, Sultanate of Oman, to consider the following agendas:

First: Extraordinary General Meeting EGM agenda:

1- To consider and approve the proposal of the amendment to Article 5 of the Company's article of association , to incorporate a change in basis of computing preference dividend.

 

Second: Annual Ordinary General Meeting 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 approve the transactions that will carry out by the Company with related parties for the financial year ending 31 December 2018 .

 

6- To consider and approve the proposal to distribute a cash dividend from retained earning  to the Shareholders registered at the AGM date  for the year ended in 31 December 2017 at the following proposed rate: 

       a.  Holders of ordinary shares: 150 % of the share capital ( 1.500 Rial per share). 

        b. Holders of preference shares: 162.5 % of the share capital 1.625 Rial per share).

 

7- 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 .

 

8- to notify the meeting with the donation mode by the Company on account of corporate social responsibility during the financial year ended 31 December 2017 .

 

9- To consider and approve the proposal to allocate up to OMR 30,000 for Corporate Social Responsibility activities for the financial year ending 31 December 2018.

 

10- To approve the report of the Independent Consultant on the performance approval of the Board of director for the financial year ended 31 December 2017. 

 

11- To appoint an Independent Firm to evaluate the performance of the Board of Directors for the financial year ending 31 December 2018 and approve their remuneration.

 

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

 

13- To Elect Two members to fill the vacant seats in the board of Board of Directors for the Company:

a ) Any person (shareholders or non-shareholders) who wishes to nominate herself/himself to the Board of Directors must comply with the Articles of Association of the Company and the Capital Market Authority's (CMA) requirements for directors and fill in a form that can be obtained from the website of the CMA or from the Company offices.

b) The completed form should be delivered by no later than close of the business day of the Company on Monday, 5 March 2018 to the Company offices. Any forms received after the above date shall not be considered by the Company.

c) In accordance with the Company's articles of association if the candidate is a shareholder, the candidate must own a minimum of one share in the Company at the AGM date

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 (if any) or ID card /Residence card of the Authorized Signature.

 

Please attend at least 30 minutes prior to the meeting. For more information, please contact Mr. Salah Issa al Farsi , the Company's Admin Manager, telephone number +968 24400600.

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 repo