The Extraordinary General Meeting of Oman Telecommunications Company (Omantel), was held at the company’s headquarters on Thursday.

It was presided by the vice-chairman 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.

Cash dividend
The EGM was followed by the annual general meeting (AGM) of Omantel, where the proposal to distribute a total cash dividend of 70 per cent of the paid up capital (70 baisas per share) was 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 RO500,000 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.

It has also approved the appointment of an independent office to assess the Board of Director’s performance for the financial year ending on December 31, 2018 and approved their fees.

In February, Omantel’s Board of Directors has approved the audited results of the company for year 2017. Omantel recorded an increase of 44.7 per cent in revenue reaching RO751.7mn compared to RO519.4mn in 2016.