Announcements

14.03.2017

Annual General Meeting Disclosure Statement

An Annual General Meeting (AGM) of the shareholders of Sembcorp Salalah Power and Water Company SAOG (the “Company”) was held on Tuesday 14 March 2017 at 3:06 p.m. at the Hormuz Grand Hotel, Muscat, Sultanate of Oman. The following resolutions were passed in AGM:

  1. The report of the Board of Directors of the Company for the year ended 31 December 2016 was approved.
  2. The report on Corporate Governance for the financial year ended 31 December 2016 was approved.
  3. The financial statements (Balance Sheet and Profit & Loss Account) of the Company for the financial year ended 31 December 2016 was approved.
  4. A proposed cash dividend of 3.6% of the share capital (equivalent to 3.6 Baizas per share) to shareholders listed in the shareholders’ register maintained by the Muscat Clearing and Depository Company SAOC as at 2 April 2017 was approved.
  5. The shareholders authorised the Board of Directors of the Company to approve the payment of an interim dividend up to 10.4% (equivalent to 10.4 Baizas per share) of the issued share capital of the Company, from the audited accounts of the Company for the nine-month period ending September 30, 2017 to shareholders listed in the shareholders’ register maintained by the Muscat Clearing and Depository Company SAOC as on 1 November 2017
  6. The sitting fees for the Directors and the Sub-Committees of the Board for an amount of RO 25,750 for the financial year ended 31 December 2016 and the proposed sitting fee for the financial year 2017 was approved.
  7. The Directors’ remuneration of RO 91,000 for the financial year ended 31 December 2016 was approved.
  8. The transactions and contracts entered into by the Company with related parties, for the financial year ended 31 December 2016 were approved.
  9. The proposed transactions and contracts to be entered into by the Company with related parties, for the financial year ending 31 December 2017 were approved.
  10. The donation of RO 34,000 made to support community services during the financial year ended 31 December 2016 was approved.
  11. A budget of RO 42,000 for the financial year 2017 towards charitable expenses was approved.
  12. The criteria to appraise the board of directors’ performance was approved.
  13. The appointment of Moore Stephens as independent third party to evaluate the performance of the Company and their remuneration was approved
  14. The appointment of PriceWaterhouseCoopers as the auditors of the Company for the financial year 2017 and their remuneration was approved.