Resolutions passed at Annual General Meeting

Resolutions passed at Annual General Meeting

We wish to inform you that the Annual General Meeting (AGM) of A’saffa Foods SAOG was held at the Mumtaz Banquet Hall, Mumtaz Mahal(Restaurant) Qurum, Muscat at 5 PM on Monday, March 23, 2015. Engr. Saleh Mohammed Al Shanfari, Chairman of the Board, chaired the meeting and he suggested appointment of Ms. Amira El Atta IbnOuf as AGM Secretary and the Shareholders approved it. Shareholders have taken following decisions in the meeting:

Decisions at the Annual General Meeting

1.  The Director’s Report for the year ended 31 December 2014 was approved.

2. The Corporate Governance  Report for the year ended 31 December 2014 was approved.

3.  The Auditor’s Report, Company’s Statement of  Financial Position and Statement of Comprehensive Income for the year ended 31st December 2014 were approved.

4.  Approved the recommendation of the Board of Directors to pay a cash dividend of 

18 % of the paid up capital for the year 2014.

5.  Approved the sitting fees of the Board and its Sub-Committee meetings paid to Directors for the year ended 31^st December 2014 and determined the Sitting Fees for the next year.

7.  Approved the Director’s remuneration for RO 140,000/- for the year 2014.

8. Informed about the transactions entered into by the Company with related parties during the financial year ended December 31, 2014.

9. Approved the transactions that the Company will enter into with related parties during the financial year 2015.

10. Informed the Shareholders, the amounts paid/committed for Corporate Social Responsibility programs during the financial year 2014.

 11.  Approved an amount of RO 100,000/- for Corporate Social Responsibility programs during the year 2015 to support the community and to authorize the Board to utilize the amount for the purpose.

12. Election of the Two member of the Board of Directors of the company (from among the shareholder and/or non-shareholders). As below approved unanimously.

13.  The external auditors M/s. Ernst Young were appointed for the year ending 31 December 2015 unanimously.