The Capital Market Authority has issued circular suspending general meetings of public joint stock companies and investment funds until further notice.

The move comes after the decision of the Supreme Committee tasked with handling the developments resulting from the spread of the new Coronavirus (COVID-19) to suspend all gatherings, events and conferences in the Sultanate effective from Wednesday March 18, 2020 until further notice.

The CMA has also issued circular 4/2020 approving proposed dividends as per the approved agendas that have been sent to shareholders. The circular made it clear that dividend ex-date is the date which has been disclosed in the AGM invitation and affirmed that these dividends must be approved during first possible upcoming AGM.

This decision stems from the CMA’s understanding and appreciation for the circumstances of the shareholders and to meet the expectations they already have vis-à-vis dividends distributions, as well as to facilitate the flow of these funds in the national economy.  

It is noteworthy that general meetings of public joint stock companies and investment funds should convene within 90 days maximum from end of the financial year of the company as per Article 172 of the Commercial Companies Law.