Oman – Mubasher: United Power said its shareholders have approved a capital reduction from OMR 5 million to OMR 2 million with shares to be at a par value of OMR 1 per share, according to a filing to the Muscat Securities Market (MSM).

This capital cut comes as an implementation of the decision taken by shareholders at an extraordinary general meeting held on 22 March.

A total of 2 million shares will be divided onto 1.2 million preferred shares as well as 800,000 ordinary shares, effective 11 August 2015.

United Power previously posted a net profit of OMR 1.020 million in the fiscal year 2014, a rise of 33.9% from OMR 762,000 in 2013.