28 March 2012
Muscat: The annual ordinary general assembly of Oman Telecommunications Company (Omantel) approved the proposed distribution of cash dividend to shareholders amounting to 100 per cent of the capital (equivalent of 100 baizas per share) and authorised the Company's board of directors to distribute interim dividends to maximum 40 per cent from the paid-up capital on August 2012.
The company's extraordinary general meeting approved the reduction of the legal reserve to one third of the capital and transfer of the surplus to the retained earnings.
This came during the extraordinary general meeting and the annual general meeting (AGM) held at the company's headquarters yesterday. The AGM has also approved the report of the board of directors for the fiscal year ending on December 31, 2011, the company's corporate governance report for the year ending on 31/12/2011 and the report of the independent auditors. It has also approved the profit and loss account and approved the balance sheet for the fiscal year ending on December 31, 2011.
The meeting furthermore approved the board members remuneration, ratified the sitting fees for board meetings and other committees paid to the members of the Board of Directors for the fiscal year that ended on December 31, 2011. It has also determined the sitting fees for the next fiscal year ending on December 31, 2011.
The meeting has taken note of the company's transactions with related parties during the fiscal year ending on December 31, 2011. It has also increased the proposed donations for community service amounting to RO500,000 and approved the appointment of independent auditors for the next fiscal year ending on December 31, 2011and determined their fees.
Net profit
Omantel reported net profit of RO113 million during the year that ended on December 31, 2011.
Commenting on Omantel's performance in 2011, Sultan Hamdoon Al Harthy Chairman of Omantel board of directors said, "We are pleased with these results that witnessed a growth in our net profit despite the challenging market conditions and increased competition."
Muscat: The annual ordinary general assembly of Oman Telecommunications Company (Omantel) approved the proposed distribution of cash dividend to shareholders amounting to 100 per cent of the capital (equivalent of 100 baizas per share) and authorised the Company's board of directors to distribute interim dividends to maximum 40 per cent from the paid-up capital on August 2012.
The company's extraordinary general meeting approved the reduction of the legal reserve to one third of the capital and transfer of the surplus to the retained earnings.
This came during the extraordinary general meeting and the annual general meeting (AGM) held at the company's headquarters yesterday. The AGM has also approved the report of the board of directors for the fiscal year ending on December 31, 2011, the company's corporate governance report for the year ending on 31/12/2011 and the report of the independent auditors. It has also approved the profit and loss account and approved the balance sheet for the fiscal year ending on December 31, 2011.
The meeting furthermore approved the board members remuneration, ratified the sitting fees for board meetings and other committees paid to the members of the Board of Directors for the fiscal year that ended on December 31, 2011. It has also determined the sitting fees for the next fiscal year ending on December 31, 2011.
The meeting has taken note of the company's transactions with related parties during the fiscal year ending on December 31, 2011. It has also increased the proposed donations for community service amounting to RO500,000 and approved the appointment of independent auditors for the next fiscal year ending on December 31, 2011and determined their fees.
Net profit
Omantel reported net profit of RO113 million during the year that ended on December 31, 2011.
Commenting on Omantel's performance in 2011, Sultan Hamdoon Al Harthy Chairman of Omantel board of directors said, "We are pleased with these results that witnessed a growth in our net profit despite the challenging market conditions and increased competition."
© Times of Oman 2012
