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At a meeting held on 18th January
2006, the Board of Directors of Renaissance Services
SAOG (RENAISSANCE) resolved to recommend a Stock split
to the shareholders of the Company. This
recommendation follows the recent amendment to the
Commercial Companies Law (4/74) which now permits
companies in Oman to determine the nominal value of
their share at a figure that may be lower than One
Rial. The Board of the Company has recommended that
the nominal value of its shares be brought down to 100
Baiza from the present One Rial. This will mean that
upon approval by the shareholders and the regulatory
authorities, each shareholder will have 10 times the
number of shares than held at present but with each
share having a face value of 100 Baiza.
The Board of Directors feels that this will impart
additional liquidity to the shares of the Company and
consequently enhance the shareholder value. This
change is consistent with the practice followed in
other major capital markets around the world. The
approval of the shareholders to give effect to this
change will be sought at a forthcoming Extraordinary
General Meeting that will be held towards the end of
March.
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