We, Qaboos bin Said, the Sultan of Oman
after perusal of the Basic Statute of the State issued by Royal Decree 101/96,
the Commercial Companies Law 4/1974 and its amendments,
and the Law on Pensions and End of Service Gratuity for Omani Government Officers issued by Royal Decree 26/86 and its amendments,
the Social Insurance Law issued by Royal Decree 72/91 and its amendments,
the Capital Market Law issued by Royal Decree 80/98 and its amendments,
and the Privatisation Law issued by Royal Decree 77/2004,
and in pursuance of public interest,
have decreed as follows
Article I
The issued capital of Oman Telecommunications SAOC is hereby increased to seventy-five million Rial Omani from 31 December 2003.
The company may amend its issued or authorised capital in accordance with the procedures prescribed in the mentioned Commercial Companies Law.
Article II
The company may be converted into a public joint stock company by following the procedures stipulated in the mentioned Commercial Companies Law.
Article III
The amendment of the duration of the company, the rules and procedures for forming its board of directors, or other provisions contained in its articles of association must be by a decision of the general meeting of the company.
The general meeting and the board of directors of the company may exercise the powers and authorities prescribed for each of them in the mentioned Commercial Companies Law.
Article IV
The Council of Ministers shall issue the rules governing the following:
1. Determining the percentage, procedures, and conditions for selling any part of the capital of the company owned by the government, or offering it for public subscription.
2. Determining the nominal value of the shares of the capital of the company and the entities and persons who may purchase or subscribe to them.
3. Determining the period during which it is not permitted for purchasers of the shares of the capital of the company to dispose of them to others, or during which it is not permitted for subscribers to trade the subscribed shares to other than Omani individuals.
The determination of the mentioned rules must be an exception to the provisions of the mentioned Commercial Companies Law, the Capital Market Law, and the Privatisation Law.
Article V
The provisions of the mentioned Law on Pensions and End of Service Gratuity for Omani Government Officers must apply to employees transferred and appointed to the company until 30 June 2003.
These provisions must continue to apply to the mentioned employees if they are appointed after this date in one of the subsidiaries established by Oman Telecommunications Company.
The provisions of the mentioned Social Insurance Law must apply to employees appointed after this date.
Article VI
Article XI of the mentioned Royal Decree 46/99 is hereby repealed, as well as all that is contrary to this decree or in conflict with its provisions.
Article VII
This decree must be published in the Official Gazette, and comes into force on the date of its publication, with the exception of article IV, which comes into force on 18 January 2005.
Issued on: 3 Rabi Al-Awwal 1426
Corresponding to: 12 April 2005
Qaboos bin Said
Sultan of Oman
Published in Official Gazette 789 issued on 16 April 2005.