admin – Page 1009

We, Qaboos bin Said, the Sultan of Oman

In attainment of the public benefit and the social and economic prosperity of the Sultanate, and for other purposes that benefit the nation.

have decreed as follows

Article I

A company of indefinite duration is hereby established in Oman named “Oman Refreshment Company Limited”. The company enjoys a legal status that is separate from the status of its members. The liability of its members towards the debts of the company is limited according to the amount—if any—that constitutes the unpaid shares owned by each member of the company.

Article II

The first headquarters of the company shall be in the Khuwair area, or any other place determined by the board of directors of the company. The company may open branches for itself or appoint agents on its behalf, whether inside the Sultanate or abroad.

Article III

The objectives of the company are the manufacture, bottling, sale, and distribution of non-alcoholic beverages; the ownership of real estate; the opening of factories by constructing the buildings necessary for the manufacture and bottling of refreshments and non-alcoholic beverages; the supply of mechanical equipment, machinery, and materials necessary to open private factories for the manufacture and bottling of beverages, and it shall take the necessary and required actions to achieve these objectives. The company may have an individual or joint interest with companies that practise the same activities and that may assist it in achieving its objectives, whether inside the Sultanate or abroad.

Article IV

The capital of the company is 500,000 Rial Omani divided into 50,000 shares of 10 Rial Omani for each share, all of which are offered in advance at their nominal value. In accordance with the systems of the Foreign Capital Investment Law, Omani citizens must always own at least 35 percent of the shares of the company. The ownership certificates of this share must always bear a phrase that stipulates that any transfer of the shares to a person who is not an Omani citizen is null and void. The company shall refuse to transfer these shares unless it receives from the transferee a certificate confirming that he is an Omani citizen.

Article V

The articles of association of the company, as presented to Us by the founders or after certain amendments are made to it, following the sale of all shares, must outline the structure and management and operations of the companies, and shall be subject to any previous or subsequent law regarding commercial companies in general.

Article VI

This decree shall be published in the Official Gazette, and comes into force from the date of its publication.

Issued on: 22 Rabi Al-Thani 1394
Corresponding to: 14 May 1974

Qaboos bin Said
Sultan of Oman

Published in Official Gazette 56 issued on 1 June 1974.