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Decisions of the Annual General Meeting held on 28th March 2017
Mar 28, 2017 - 07:22PM Company : MUSCAT FINANCE

After Compliments,

The Annual General Body Meeting (AGM) of Muscat Finance SAOG was held at CMA Hall, Ruwi on March 28, 2017 and the following decisions were taken:

Approved the Following:

1. Report of the Board of Directors of the Company for the year ended December     31, 2016.
2. Report of Corporate Governance Report for the year ended December 31, 2016.
3. Audited financial statements (Balance Sheet and Profit & loss Account) of the company for the year ended December 31, 2016.
4. Cash Dividend of 10% for the shareholders of the capital (equivalent to Baizas 10 per share).
5. Stock dividend of 7 % of the capital (equivalent to 7 shares for each 100 Shares). This will result in an increase in the paid up share capital of the company from the present 266,715,579 shares to 285,385,670 shares.
6. Sitting fees for the Directors and the Sub-Committees for the year ended December 31, 2016 and sittings fees for the year 2017.
7. Directors’ Remuneration of RO 113,000 for the year ended December 31, 2016.
8. Transactions and contracts entered into with related parties, for the year 2016.
9. Estimate of related party transactions and contracts which the company may enter into with related parties in the year 2017.
10. Charity expenses for the year 2016.
11. Budget of RO 50,000 for the year 2017 towards charitable expenses.
12. Appointment of the following individuals as Directors of the Company:
     a) Mr. Faisal Mohamed Al Yousef – Chairman
     b) Mr. Pramod Kumar Hiran – Deputy Chairman
     c) Mr. Sameer Kumar- Director
     d) Mr. Gamal Mohamed Mohamed Ahmed Abdalla - Director
     e) Mr. Abdul Amir Saied Mohamed – Director
     f) Mr. Babu P Thomas- Director
     g) Mr. Yousef Mohamed Al Yousef- Director
     h) Mr. Chandrahasan Thozhukkat - Director
13. The criteria to appraise the performance of the Company’s Board of Directors.
14. Appointment of Protiviti to appraise the performance of the Company’s Board of Directors and its members for the year ending on December 31, 2017.
15. Appointment of Deloitte as the auditors for the company and determination of their remuneration for the financial year 2017.

Best Regards
Bikramjit Singh Rishi
Chief Executive Officer.