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Board of Directors resolutions’ 25 Feb 2020

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 25 February 2020:

1.    Approval of the audited financial statements for the year ended 31 December 2019 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 2019.

3.    Approval of the related party transactions in 2020.

4.    Approval of the Corporate Social Responsibility Annual Plan and Budget for 2020.

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 2020 and January 2021 out of the retained earnings as per the audited financial statements for the year ended 31 December 2019, provided that the aggregate amount shall not exceed 4.15 Baizas per share.

6.    Approval of the agenda of the annual general meeting of the Company on 23 March 2020.

7.    Recommend the appointment of the auditors of the Company for the financial year ending 31 December 2020 and determination of their remuneration.



Koichi Matsumoto

Chief Financial Officer / Disclosure Officer