OMAN AIR EGM CLEARS RAISING CAPITAL TO RO684MN, GOVT EQUITY ALLOTMENT

MUSCAT: Oman Air Co held an extraordinary general meeting (EGM) of shareholders on Sunday at the company headquarters.

The EGM was presided over by H E Maitha al Mahrouqi, deputy chairperson of the board of Oman Air, and attended by board directors, shareholders and other stakeholders.

The EGM approved raising the issued and paid capital of the company from RO546.05mn to RO684.16mn and the allotment of equity shares worth RO138.11mn to the Oman government towards the cash contribution received during financial year 2014, and to amend the Articles of Association of the company accordingly, an Oman Air press release said on Monday.

The EGM also approved the restructuring plan of the company so as to achieve functional efficiencies and improve the quality of services provided, which would result in improved service delivery.

The extraordinary general meeting authorised the board to take all steps necessary to execute the restructuring process; and in particular the joint-venture, share-purchase and technical-services agreements between the company and its partner; and the transfer 33 per cent of the shares held by the company in Cargo LLC to the partner, by the contractually agreed date.

In addition, the EGM authorised the board to create a business unit for Oman Air ground handling activities at the Muscat International Airport and to manage this business unit at arm length, the press release added.

SOURCE: MUSCAT DAILY