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At the Annual General Meeting.

Bank Sohar holds AGM

: Wednesday, April 02 - 2014 @ 11:33

Bank Sohar’s shareholders attended the Annual General Meeting organized by the bank at the Crowne Plaza Muscat on Sunday March 30. During the AGM, the chairman of board of directors and senior leadership from Bank Sohar briefed shareholders on the annual results of the bank, and discussed key agenda items.

The Annual General Meeting’s agenda covered 13 topics and decisions have been made accordingly. The shareholders approved the Board of Directors’ Report presented by Mr. Abdullah Bin Humaid Al Mamary, Chairman of Board of Directors, for the year ending December 31, 2013.

Over the course of the Annual General Meeting, the proposal for the distribution of stock dividends of 4% of the issued capital was approved, thereby increasing the bank’s capital from OMR 110 million to OMR 114.4 million in accordance with the applicable legal procedures.

The Corporate Governance Report, Balance Sheet and Profit & Loss Account for the year ending December 31, 2013 were also reviewed and approved within the Annual General Meeting. The proposal for distribution of cash dividends at the rate of 4% of the issued and paid up capital equivalent to 4 Baizas per share was also approved.

The Shareholders also approved the Board of Directors proposal to set aside RO 100,000 for charitable and social contribution during the year 2014. The Board of Directors was authorized to dispose of the same according to the bank’s corporate social responsibility objectives.

In addition, the attendees also reviewed the report; as presented by the Sharia Supervisory Board regarding the operations of Bank’s Islamic Banking Window.

The Shareholders also appointed the external Auditors for the year 2014.

Following the resignation of Mr. Mohamed Bin Abdulla Al Khonji from the Board of Directors as of December 2013, a new member for the Board (Mr. K Kannan) was elected and the Board of Directors for Bank Sohar was confirmed as follows:
• Mr. Abdullah Humaid Al Mamary
• Mr. Hassan Ahmed Mohamed Al Nabhani
• Mr. Salim Mohamed Masaud Al Mashaiky
• Mr. Omar Ahmed Abdullah Al Shaikh
• Mr. Shabir M. Al Yousef
• Mr. Ghazi Nasser Salim Al Alawi
• Mr. K. Kannan

Mr. Abdullah Humaid Al Mamary expressed his sincere appreciation to all the shareholders for their attendance and participation in the meeting. “Bank Sohar has grown exponentially over the past seven years to become the most profitable bank in Oman. In this regard I would like to thank Bank Sohar’s Management and staff, for the hard work, dedication and diligence to achieve this success. But most of all I would like to thank our customers and shareholders for placing their trust in us and our services, without which we would never have become a leading Bank in the Sultanate.”

Dr. Mohamed Abdulaziz Kalmoor, CEO of Bank Sohar, commenting on the commendable achievement of the Bank for year 2013 said: “The tremendous growth experienced by the Bank in 2012 seemed difficult to replicate in 2013. However the hard work and concerted efforts of our staff, together with the astute guidance of the Board, have allowed us to grow even further in 2013.

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Wednesday, April 2- 2014 @ 11:33 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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