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Minutes of Extraordinary and Annual General Meeting UNITED FINANCE |
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Disclosure - Minutes of Extraordinary and Annual General Meeting UNITED FINANCE
The EGM and AGM of the shareholders of the company were held on Monday, 31st March 2008 in UFC Auditorium in Wattaya at which the following major decisions were taken:
The EGM approved:
Ø Increase in authorized capital of the company from RO 20 to RO 50 Million and amendment to Article 5 of the company’s Articles of Association accordingly.
Issuance of bonds to the tune of RO 20 Million by public subscription was not approved.
The AGM approved:
The Board of Directors Report, corporate governance report and audited financial accounts for the year 2007.
Distribution of bonus shares to the shareholders at the rate of 20% of the paid-up capital i.e., one share for every five shares held, thus resulting in an increase in the company’s shares from 163017404 to 195620885.
Sitting fees to the Board of Directors for attending Board Meetings and Board Committee meetings for the year 2007 and for 2008.
Distribution of remuneration to the Board of Directors for the year 2007.
Related party transactions for the year 2007.
Elected Mr. Ranga Gorur as a board member in the vacant seat caused by the resignation of First International LLC., and his term will expire at the AGM of 2010.
Appointed Ernst & Young as statutory auditors of the company for the year 2008.
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