The Board of Directors of Al Suwadi Power Company SAOG (the “Company”) advises the Capital Market Authority, the Muscat Securities Market and the investors’ community that it has resolved the following at the meeting of the Board of Directors held on 26 April 2016:
1. Election of Mr. Charles Paul Dexter as Chairperson of the Board.
2. Election of Mr. Rahul Kar as Deputy Chairperson of the Board.
3. Appointment of Mr. Muhammad Fawad Akhtar as Company Secretary.
4. Appointment of Mr. Navneet Kasbekar and Mr. Yaqoub Harbi Salim Al-Harthi as Company spokespersons.
5. Approval of unaudited financial statements for the three month period ended 31 March 2016 together with the Board of Directors’ Report.
6. Approval of the distribution of cash dividend of 3.70% per share (Baizas 3.70 per share) out of the retained earnings as per the audited financial statements for the financial year ended 31 December 2015 to the shareholders of the Company who are registered in the Company’s shareholders’ register with the Muscat Clearing & Depository Company SAOC as on 12 June 2016.
7. The management of the Company assisted by Standard Chartered Bank, the Financial Advisor, carried out an extensive exercise to seek refinancing of the Company’s long term debt. The response from the present and prospective lenders was found to be dismal due to the existing local and international financial market conditions. Consequently, the Board of Directors has decided to suspend the exercise. Going forward, the Company will closely monitor the developments in financial markets and should these show significant improvement, the Company will revive the refinancing exercise.