Sohar International approves 6% dividend
The AGM’s agenda covered 15 main items starting with the review and approval of the Board of Directors’ report for the financial year ended on December 31, 2018.
Times News Service
MUSCAT: Sohar International recently heldits Annual General Meeting (AGM) for the shareholders on March 31, 2019. The meeting was presided over by Mohammed Mahfoudh Al Ardhi, Chairman of the board, and attended by board members, executive management team of Sohar International and shareholders.
The shareholders were briefed on the bank’s performance in 2018 along with discussions on the agenda for the year ahead. The AGM’s agenda covered 15 main items starting with the review and approval of the Board of Directors’ report for the financial year ended on December 31, 2018.
The AGM also discussed and approved the distribution of cash dividends to shareholders at the rate of 6 per cent of the capital (6 baisas per share).
Following the meeting and commenting on a remarkable performance in 2018, Al Ardhi, said, “Sohar International has seen solid growth in 2018 that was noted across the sector despite challenging macro economy conditions. Forging ahead, the bank will continue on its vision to redefine banking and grow as a worldleading Omani service company that brings value to all stakeholders and delivers pivotal contributions within the Sultanate’s socioeconomic
development.” our strategic agenda towards realising the vision of becoming the leading Omani service company that helps customers, communities and people to grow and prosper in this ever changing world. We thank the board of directors, regulators and the shareholders for their continued guidance and support,” he added.
Other significant topics of discussion covered by the AGM included the Board of Director’s (BoD) budget proposal for the social corporate responsibility and charitable donations in 2019 alongside the review of the CSR activities and donations carried out throughout 2018. The AGM approved the Corporate Governance Report for the year ending December 2018,in addition to reviewing the Auditor’s Report and approving the financial statements for the year ended on December 31, 2018.
Sohar International’s AGM elected and approved the appointment of the Board of Directors for the new period andapproved the appointment of an independent firm to evaluate BoD performance for 2019.Shareholders further approved the appointment of statutory auditors for the financial year ending December 31, 2019 and approved their remuneration.