Omantel AGM approves distribution of 100% cash dividends to shareholders

uscat: The Extra-ordinary General Meeting of Omantel approved rhe amendment of article No  22 of the company's artticles of association reducing the number of board members to eight from where six of them representing the government share.

The Annual General Meeting of the company has approved the distribution of cash dividends of 100% of the paid capital at a rate of 100 Baiza per share.

This came during the EGM and AGM that were held yesterday at Grand Hyatt hotel Muscat which was chaired by Abdul Kader Askalan Vice Chairman, and attended by Board members and the company's executive management. It also approved the remuneration of the Board members amounting for the previous year.

The Annual General Meeting has also approved the report of the Board of Directors for the year ended 31December 2009. It has also endorsed the company’s Corporate Governance Report for the same financial year.

The AGM has also ratified sitting fees paid to Board of Directors and its subcommittees during the year ended 31/12/2009. It has also approved the appointment of KPMG as auditors for the financial year ending on 31/12/2010 and set their fees. The AGM has also approved donation for community support and charitable activities amounting to RO 150000.

The Annual General Meeting of Omantel was notified with all related party transactions entered into during the course of the financial year ended on 31/12/2009.

Omantel Group has achieved one of its best results with an overall profit growth of 5.5% during 2009 of RO 125.2 million during the year ended on 31 December 2009 compared to the net profit after tax of RO 119.2 million of year 2008.

Abdul Kader Askalan said the operating expenses increased by 6% to reach RO 268.3 million compared to RO 253.5 million during the same period of the previous year. The major reason for increase in operating expenditure is the increase in staff costs, advertising, operating & maintenance expenses and depreciation costs related to the launch of 3.5G network.

Meanwhile, total subscriber base in all services (including Worldcall) increased to 3.030 K as of December 2009 compared to 2.08 Mn for the corresponding period of the previous year, a growth of 46%.