Omantel board approves distribution of 70% cash dividend
Times News Service
MUSCAT: The Extraordinary General Meeting of Oman Telecommunications Company (Omantel), was held at the company’s headquarters on Thursday.
It was presided by the vicechairman of Omantel Saud bin Ahmed Al Nahari, who approved granting of guarantees and transactions related to the Oztel Holdings SPC Limited, a wholly owned subsidiary of Omantel, to finance the acquisition of 21.9 per cent strategic share in Zain. The EGM was also attended by the board members, auditors and legal consultant among others. the fiscal year ended on December 31, 2017. Further, the evaluation report, the corporate governance report and the profit and loss account and balance sheet for the fiscal year ended on December 31, 2017, was also approved.
The AGM further approved the Board Members’ remuneration for the fiscal year ended on December 31, 2017. The board also determined the sitting fees for the next fiscal year ending on December 31, 2018. The board also has taken note of the company’s transactions with related parties during the fiscal year ended on December 31, 2017 and the donations made for community support and CSR during 2017. The AGM also approved the proposed donations for community support amounting to OMR500,000 for the fiscal year ending on December 31, 2018 and the appointment of independent auditors for the next fiscal year ending on December 31, 2018 and determined their fees.