NGCI
Disclosure of the decision taken at Extraordinary General Meeting (EGM) and Ordinary Annual General Meeting (AGM) of National Gas Company SAOG held on March 29, 2015, at 3.00 p.m.
- 1. Extraordinary General Meeting
Since the quorum for the EGM was not present, the EGM has been adjourned in accordance with Article 124 of the Commercial Companies Law, RD 4/74
- 2. Annual General Meeting:
- The Chairman’s Report for the financial year ended 31/12/2014 was considered and approved unanimously.
- The Report on Corporate Governance for the financial year ended 31/12/2014 was considered and approved unanimously.
iii. The Auditor’s report and the audited separate Balance Sheet and Profit and Loss Account of the Company for the financial year ended 31.12.2014 was considered and approved unanimously..
iv. The proposal to declare cash dividends among the shareholders at the rate of 12.5% of the share capital (i.e. at the rate of 12.5 baiza for each share) was considered and approved unanimously.
v. The proposal for issuing bonus shares to the shareholders on the date of meeting at 9.74% equivalent to 9.74 shares for each 100 shares and consequently increasing the number of shares of the Company’s share capital from 45,561,144 shares to 50,000,000 shares was considered and approved unanimously.
vi. The Directors sitting fees for the financial year ended December 31, 2014, and propose their sitting fees for the next financial year was considered and approved unanimously.
vii. The proposal pertaining to the distribution of Remuneration among the directors for an amount of RO. 35,000/- and sanctioning the same for year ended 31.12.2014 was considered and approved unanimously.
viii. An amount of RO.10,000/- for charitable purposes for the year ending 31.12.2.2015 was considered and approved unanimously.
ix. Ernst & Young were appointed as external auditor for the financial year ending 31.12.2015 for a fee of RO 8,500.
