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DECISIONS TAKEN IN THE EGM AND AGM HELD ON 11 MARCH 2015

Decisions taken in the Extra Ordinary General Meeting (EGM) and the Ordinary Annual General Meeting (AGM) held on Wednesday, 11 March 2015 at 5:00 PM at Muscat Intercontinental Hotel (Room - Le Caprice) were as follows -

Extra Ordinary General Meeting :

There was no EGM because of lack of required quorum.

Ordinary General Meeting :

  • Considered and approved the report of the Board of Directors for the financial year ended 31 December 2014.
  • Considered and approved the Corporate Governance Report for the financial year ended 31 December 2014.
  • Considered the Auditor’s report and approved the Balance Sheet and Profit and Loss Account for the financial year ended 31 December 2014.
  • Considered and approved Board of directors’ recommendation to issue bonus shares to the shareholders at 10% of paid up share capital or one bonus share for every ten shares held. Based on this, to increase the number of company’s issued and fully paid shares from 27,181,440 to 29,899,584.
  • Approved the sitting fees availed by the members of the Board of directors and members of the Board’s sub-committees for past financial year ended on 31 December 2014 and fixed the sitting fees for the next financial year.
  • Considered the related party transactions during the financial year ended 31 December 2014.
  • Considered and approved the proposed related party transactions for the financial year ending 31 December 2015.
  • Considered the social welfare activities and amount spent thereon during the financial year ended 31 December 2014.
  • Considered and approved the budget of RO 10,000 (Riyal Omani Ten Thousand Only) for social welfare activities during the financial year ending 31 December 2015.
  • Elected the following two directors to fill vacancies in the

Board of directors–

  • Mr. Mukhtar M.Hasan
  • Mr. Abdulla Mohamed Al-Ansari
  • Appointed KPMG as the auditors for the financial year ending 31 December 2015 and fixed their fees.

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