Saturday 27 / July / 2024
Muscat: The Capital Market Authority (CMA) closely monitored the discussions about the resolutions of the Extraordinary General Meeting (EGM) of Oman Investment and Finance Company SAOG held on Wednesday June 21, 2023, which considered the proposal to dissolve Oman Investment and Finance Company SAOG through merger and acquisition by Dhofar International Development and Investment Holding Company SAOG.
CMA would like to emphasise that the protection of the interests of investors and small shareholders specifically is key priority by taking all required measures to ensure they exercise their rights in attending the general meeting and participating in the voting on the strategic resolutions of the company or objecting them. CMA is also keen to guarantee full implementation of all legal procedures regulating the convening of the general meetings of public joint stock companies.
Hence, the law, to protect the shareholders, granted them the right to appeal and object the resolutions of the general meeting pursuant to Article (174) of the Commercial Companies Law, which confer the right of objection on any shareholder who holds severally or jointly not less than 5 percent of the company’s shares, to request within five working days from the date of the general meeting to suspend the resolutions adopted by the general meeting if detrimental to them or if it is established they were issued in favour of specific category of shareholders or to benefit the members of the board of directors or others.
CMA warns from any violation of the applicable laws and regulations or circumventing the laws to avoid any financial or administrative penalties, thanking all the concerned for their cooperation and understanding.
