28/03/2017
Sharakah held its Annual General Meeting for the financial year ended 31 December, 2016 on 28th March, 2017 presided by Mr. Hani Al Zubair, Chairman of the Board of Directors. The meeting was attended by Board Members, representatives of the Shareholders, Officials of concerned authorities and staff.
The Chairman of the Board of Directors, Mr. Hani Al Zubair welcomed all the attendees and started presenting Sharakah’s achievements in 2016. He started by stating that it was a great year for Sharakah despite the challenges the economy is facing due to the financial crisis. He stated that the total investment amount invested in SMEs exceeded OMR 807,000 exceeding the targeted investment amount by OMR 27,000. This amount was provided to 17 projects majority of which are startups. He added that Sharakah has supported 127 projects since establishment and the total investment in SMEs has exceeded OMR 5.4 million.
Mr. Hani appreciated the cooperation received by Sharakah from various private sector organizations in the field of SMEs development. He specifically highlighted the strategic alliance with BP Oman in delivering Khazzan Project for SME Development. This Project is one of BP Oman Social Investment Programs
Chairman pointed out that the majority of SMEs supported by Sharakah are performing well. A number of them have either opened additional branches or expanded their market reach. In fact, during the same year 3 SMEs have paid their dues in full.
Moreover, in response to a request raised by the supported SMEs, Ruwad Sharakah event was held in 2016 as a platform where supported SMEs can collaborate, discuss business opportunities and meet with Board Members. The event was attended by 40 SMEs.
In 2016, Sharakah received “The Bizz Award” by the World Confederation of Businesses (WORLDCOB). Sharakah received this award as recognition of its effort in developing local capacity and SMEs.
As for the financial performance, Interest Income rose by 11% from 2015 (OMR 388,685 Versus OMR 430,731). Further and as a result of cost cutting measures, total Expenses decreased by 2%. Consequently, Total Comprehensive Income for the year was OMR 26,531 versus a loss of OMR 153,732 in 2015.
The AGM as well discussed and approved the Audited Financial Statements for the year 2016 and the appointment of the Statutory Auditor for the financial year ending in 31 December, 2017.
In addition, Sharakah has received 8 nominations for the Board of Directors. The nominations were verified to ascertain the number shares per nominee. Consequently, 7 members were elected to represent the Board of Directors for the upcoming 3 years they are:
Mr. Hani M. Al Zubair, Mr. Said Salim Al Sahib, Mr. Pankaj Khimji, Mr. Rashad Jaffar Al Shaikh, Mr. Qais Mohammed Al Khonji, Mr. Hani Habib Abdul Nabi Macki and Mr. Nasser Mohammed Al Hajri.
Mr. Hani Al Zubair concluded by conveying his gratitude to His Majesty the Sultan for the endless support to Small and Medium Enterprises in Oman. And greatly appreciated the support that SME`s in general and Sharakah in particular received from His Majesty. He also thanked the shareholders for the support they have shown.
After the AGM, the board of directors met and re-elected Mr. Hani Mohammed Al Zubair as Chairman of the Board and Mr. Said Salim Al Sahib as Vice Chairman for the period 2017 - 2020.
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