The annual general assembly of Oman Telecommunications Company (Omantel) approved the proposed cash dividend of 100bz per share to shareholders - amounting to 100 per cent of the capital.
It authorised the board of directors to distribute interim dividends to a maximum of 40 per cent of the paid-up capital on August 2012. The company's extraordinary general meeting (EGM) also approved reduction of the legal reserve to one-third of the capital and transfer of surplus to the retained earnings.
The EGM, held at the company's headquarters at Mawaleh on Tuesday, also approved the report of the board for the fiscal year ending December 31, 2011, the company's corporate governance report and the report of the
independent auditors. It also approved the profit-and-loss account and approved the balance sheet for the fiscal year ending December 31.
According to a press release, the AGM furthermore approved the board members' remuneration, ratified the sitting fees for board meetings and other committees paid to members of the board of directors. It also determined the sitting fees for the next fiscal year ending December 31, 2012.
The assembly also took note of the company's transactions with related parties during the fiscal year ending December 31. It also increased the proposed donations for community service to RO500,000 and approved the appointment of independent auditors for the fiscal year ending on December 31, 2012 and determined their fees.
Omantel achieved net profits of RO113mn last year and the company's revenues increased to RO452mn.
© Muscat Daily 2012
