Oman Air Company (S.A.O.C.) held its Extraordinary General Meeting of the Shareholders on Sunday 25th October 2015 at Company Headquarters. The EGM was presided over by HE Maitha bint Saif Al Mahrouqia, the Deputy Chairperson of the Board of Oman Air and attended by Board Directors, shareholders and other stakeholders.
The EGM approved to increase the issued and paid capital of the Company from RO 546,047,755 (five hundred forty six million and forty seven thousand and seven hundred fifty five Omani Rials) to RO 684,157,755 (six hundred eighty four million and one hundred fifty seven thousand and seven hundred fifty five Omani Rials) and to allot equity shares in the value of RO 138,110,000 (one hundred thirty eight million and one hundred ten thousand Omani Rials) to the Government of the Sultanate of Oman towards the cash contribution received during the financial year 2014 and to amend the Articles of Association of the Company accordingly.
The EGM also approved Restructuring of Oman Air Company so as to achieve functional efficiencies, and improve the quality of services provided, which would result in improved service delivery.
The EGM authorised the Board of Directors to carry out and take all steps and actions necessary to execute the Restructuring process; and in particular entering into a joint venture agreement, share purchase agreement and technical services agreement between the Company and the joint venture partner; and transferring 33% of the shares held by the Company in the Cargo LLC, to the joint venture partner by the contractually agreed date.
In addition the EGM authorized the Board of Directors to create a business unit for the Oman Air Ground Handling activities at Muscat International Airport and to manage this business unit at arm length.