Board of Directors resolutions’ disclosure
Further to the disclosure dated 15th July 2024 of the Board of Directors of Phoenix Power Company SAOG (the “Company”) regarding distribution of a cash dividend of Baizas 3.25 per share (the “Dividend”), on 25th July 2024, the Board of Directors wishes to inform the Financial Services Authority, the Muscat Stock Exchange and the investors’ community that the Company will postpone the distribute the Dividend on 25th July 2024 due to failure of a shareholder to comply with requirements of the Company’s Lenders as its pre-requisite to provide no objection to distribution of the Dividend.
Consequently, the Company withdraws the earlier disclosure regarding distribution of the Dividend. In accordance with minutes of the Annual General Meeting of the Company held on 18th March 2024, the Board of Directors shall resolve to determine the date of the dividend to be distributed amongst the shareholders , subject to approval of the Financial Services Authority and obtaining no objection from its Lenders.
The Board of Directors would like to emphasize that :-
1- The previously announced profits are reserved and will be distributed later
2- The company's management has worked and is working hard to find a solution to this issue as soon as possible.
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Ahmed Al Abri
Chief Financial Officer / Disclosure Officer