Published: Sep 29, 2014
Source: MSM

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Al Fajar Al Alamia discloses the brief minutes of the AGM held on 28-September-2014

Brief Minutes of the Annual General Meeting of the shareholders of Al Fajar Al Alamia Co. SAOG held at 5.00 p.m. on Sunday, 28th September 2014 at the Business Hall, Capital Market Authority.

With the requisite quorum (90.77%), the Auditors and the Legal Advisors being present, the Meeting commenced with Mr. Saleem bin Qassim bin Ahmed Al Zawawi in the Chair.

1. The shareholders considered and approved the Chairman’s Report for the financial year ended 30th June 2014.

2. The shareholders considered and approved the Report on Corporate Governance for the financial year ended 30th June 2014.

3. The shareholders considered the Auditors’ Report and approved the Consolidated Balance Sheet and Profit & Loss Account for the financial year ended 30th June 2014.

4. The shareholders considered and approved cash dividend of 5% of the paid up share capital of the company equivalent to baiza 5 for each share.

5. The shareholders considered and authorised Board of Directors to declare interim dividend from the available profit for the year 2013-2014 up to a maximum of 10% of the paid up share capital of the company equivalent to baizas 10 for each share.

6. The shareholders considered and approved Sitting Fees paid to Directors’ for the financial year ended 30th June 2014 and proposed Director’s Sitting Fees for the financial year ending 30th June 2015.

7. The shareholders considered and approved Director remuneration for an amount of RO.5,800/- for the financial year ended 30th June 2014.

8. The Meeting ratified the transactions with the related parties during the financial year ended 30th June 2014.

9. The transactions with the related parties which the company expects to carry out during the financial year ending 30th June 2015 were considered and approved.

10. The shareholders considered and approved transfer of RO.40,000/- to the Special Reserve out of the net profits of the company for the financial year ended 30th June 2014.

11. The shareholders elected Mr. Saleem bin Qassim Al Zawawi, Mr. Michael Makin Al-Ajjaz, Mr. Brian William Ritchie, Ms. Muna Noor Ritchie, Dr.Rashid Al Ghailani, Mr.Haythem Macki and Ms.Fidwa Salim Al Araimi as Directors of the company to hold office till the Ordinary Annual General Meeting for the year ending 30th June 2017.

12. The shareholders approved appointment of PricewaterhouseCoopers as Auditors of the company for the financial year ending 2014-2015 at an annual fee of RO.16,500/-.

At the meeting of the Board of Directors, Immediately after the Annual General Meeting on 28th September 2014, Mr.Saleem bin Qassim Zawawi and Mr.Brian William Ritchie were elected as Chairman and Dy.Chairman of the Board of Directors, respectively.

There being no other agenda to transact, the Meeting concluded.

28th September 2014

 

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