Phoenix Power Company SAOG (the “Company”) is pleased to advise the Capital Market Authority, the Muscat Stock Exchange and the investor community that the Ordinary Annual General Meeting (AGM) of the Company was held on Thursday, 17 March 2022, at Crown Plaza Hotel AL Qurum, AL-Mandaloon Hall, Muscat Governate. The shareholders (either in person or by proxy) who attended the AGM represented 84.406 % of the capital of the Company. The following resolutions were passed unanimously at the AGM:
1. The Board of Directors’ report for the financial year ended 31 December 2021 was approved.
2. The Corporate Governance Report for the financial year ended 31 December 2021 was approved.
3. The Auditors’ Report and financial statements (balance sheet and income statement) for the financial year ended 31 December 2020 were approved.
The appraisal for the performance of the Board of Directors for the financial year ending 31 December 2021
5. The related party transactions during the financial year ended 31 December 2021 were notified.
6. The Board of Directors was authorized to determine and distribute cash dividends to the Shareholders of the Company in July 2022 and January 2023 out of the retained earnings as per the audited financial statements for the financial year ended 31 December 2021, provided that the aggregate amount shall not exceed 4. 5 Baizas per share after obtaining no objection from Lenders.
7. The activities in relation to the Corporate Social Responsibility for the financial year ended 31 December 2021 were notified.
The additional expenditure of OMR: 9,500/= (Nine thousand five hundreds riyals), on the CSR budget to support citizen in Al Sharqiyyah south governor related to damage caused to their homes by severe weather in the month of July 2021 was ratified.
9. The allocation of an amount of RO. 30,000 in relation to the Corporate Social Responsibility for the financial year ending 31 December 2022 was approved.
Mr. Hideharu Tatedori has been appointed as an independent member to fill the vacant seat on the Board of Directors for the remaining term of the Board, which will end at the General meeting of the Company in the year 2023 by acclamation
11. The appointment of E&Y as the statutory auditors for the financial year ending 31 December 2022 at a remuneration of RO 13,500 was approved.
Ahmed AL Abri
Chief Financial Officer / Disclosure Officer