Further to the disclosure made on December 18, 2010, we wish to inform that Muscat Electricity Distribution Company SAOC (MEDC) have expressed their intention to extend the MRBC (Meter Reading, Billing, Payment Collection & Deposit into Bank Account in Muscat Governorate for Electricity) Contract, which was expiring on 31st March 2011, for a further period of three months from 1st April, 2011 to 30th June, 2011 as the tender No 250/2010 is still in finalization stage. The same has been accepted by our company.

Best Regards

Secretary of the Board

We are pleased to inform that Capital Market Authority has approved for OIFC to acquire equity Stake up to 25% in The Financial Corporation Company SAOG (Fincorp). The acquisition will take place in stages.

Best Regards

Chief Executive Officer

This is for the information of all our shareholders that we have acquired 14.4% shareholding in The Financial Corporation Company SAOG (Fincorp).

This investment is in line with the long term strategy of OIFC.

Best Regards 

Chief Executive Officer

This is for the information of all our shareholders that we have acquired 15% shareholding in National Bureau Commercial Information SAOC (NBCI). 

The Core business of NBCI   is to compile process and exchange information on the credit history.

 Best Regards

Chief Executive Officer

                   Oman Investment & Finance Co. SAOG (OIFC) awarded 159 staff members for their long Service and for successful completion of training programs. The awarding ceremony which was held at Crown Plaza was honored by the presence His Excellency Mohammed bin Abdullah bin Mohammed Al Moahrooqi (Chairman – Public Authority for Electricity and Water).

The ceremony was also attended by government officials, representatives of key principals and business associates such as Ministry of Manpower, Omantel, Electricity Holding Co.  and Muscat Electricity Distribution Company.

Shabir M. Al Yousef, CEO of OIFC elaborated on OIFC's new values and directions and the various new initiatives undertaken in the restructuring of the company. He highlighted the areas that OIFC have completed in restructuring its workforce, organising several training programs and the Higher Studies program for 5 staff on yearly basis.

OIFC has taken a new direction in enhancing the services level by focusing on the workforce and infrastructure of the company; this involved effective restructuring of the internal departments, staff and functional teams and providing the necessary trainings and skills to help the staff to perform better.

Shabir M. Al Yousef (CEO-OIFC) further elaborated on what new initiatives OIFC has undertaken over that last 18 months, relating to   number of areas such as establishing the OIFC brand identity, enhancement of services levels, refurbishment of  branches, supporting the social programs and many more.

OIFC was awarded by Ministry of Manpower recently as one on the best Omani companies that enjoys high Omanization, where 89% of the manpower in the company is Omanized.

                     OIFC sponsored an entertainment event for hospitalized children at Khawla hospital. The event was aligned with many other festival events reflecting the 40th National Day celebrations in the Sultanate of Oman.

The event sponsorship was part of OIFC's dedication and firm belief in discharging its Corporate Social Responsibility (CSR). The company has supported several activities and events in the recent past through different ways; donations, events sponsorships, awareness campaigns, such as Autism awareness campaign, Save environment, water, trees and many more.

Oman Investment & Finance Co. SAOG (OIFC) is one of the leading Investment & Services Company, specializing in Billing, Collection & Debt Factoring for Electricity, Water and Telecom Services in the Sultanate of Oman over the last three decades.   With such a long experience, OIFC is to be considered as the Pioneer and the single largest private sector listed company dedicated to this line of business in the Sultanate of Oman.

Backed with superior technical infrastructure   and IT support services with a widespread reach across the Sultanate, OIFC has always been near to its customers offering maximum convenience to help them pay their utility bills.  OIFC presently has 45 branches in all the major cities and towns of the Sultanate of Oman.

We wish to inform that Muscat Electricity Distribution Company SAOC (MEDC) have expressed their intention to extend the MRBC (Meter Reading, Billing, Payment Collection & Deposit into Bank Account in Muscat Governorate for Electricity) Contract, which is expiring on 31st December 2010, for a period of three months from 1s January, 2011 to 31st March, 2011 The same has been accepted by our company.
Formal letter for the extension will be sent by MEDC after completion of the necessary formalities.

Secretary of the Board

Further to our disclosure on May 8, 2010, in relation to discussions with the major shareholders of National Finance Company SAOG  (NFC) with regards to acquiring their shareholding in that Company.

 We wish to inform that we have received a letter today from the major shareholders of NFC informing that they are not going to pursue the transactions further, due to the reason that the percentage of the shareholding that our company intended to acquire from the major shareholders of NFC is greater than the limit set for our company by the concerned authorities which is maximum 35% only.

 The same is placed as disclosure.

 Secretary of the Board

This is to inform, that following four tenders were floated by the Tender Board in relation to Electricity contracts in the Capital and interior regions of Oman. Our Company has submitted bids for all these tenders.

Details of the four tenders are listed below:

• Tender No 228/2010 – Rural Area Electricity Company SAOC

Details- Meter Reading, Bill Production, Collection and Deposit into Rural Areas Electricity Company

• Tender No 250/2010 – Muscat Electricity Distribution Co. SAOC

Details- Engagement of a company to perform meter reading, bill production, bill delivery, payment collection & deposit into the Supply Licensee’s bank account, Account Reconciliation and Information.

• Tender No 252/2010 – Majan Electricity Company SAOC

Details- Engagement of a Company to perform Meter Reading, Bill Production, Bill Delivery, Payment Collection and Deposit into the supply Licensee’s bank account,  Account reconciliation and  information reporting.

• Tender No 271/2010 – Mazoon Electricity Co. SAOC

Details- Engagement of Company to perform Meter Reading, Bill Production, Bill Delivery, Payment Collection & Deposit into  the Supply Licensee’s Bank Account, Account reconciliation and information reporting.

 The same is for your information.

Regards

Chief Executive Officer

Further to our disclosure on July 28, 2010, mentioning that Omantel Contract has been extended up to December 2010, we wish to inform that Oman Telecommunications Company SAOG (Omantel) through the tender board has floated a tender, tender No: 90/2010 for “Factoring Services of Omantels & Oman Mobiles Private Accounts Receivables”.

Our Company has submitted the bid for this tender.

There was an article in the newspaper mentioning that the above tender has been awarded by the Tender Board. The Tender Board website also mentions that the Tender has been awarded, without mentioning the Company name to which it has been awarded.

The same is for your information.

 Regards

 Chief Executive Office

                     In a joint survey done by Alam Aliktisaad Wala'mal and Gulf Baader Capital Markets (GBCM), Oman Investment & Finance Company SAOG (OIFC) has been placed as the "Top Performing Company"   in Oman for the financial year 2009.  The Company has been ranked fifth in the mid cap segment.  The survey analyzes the performance of the listed corporates for the financial year 2009.

"We are quite delighted to receive this award.  We are  committed towards continuing our good performance with the focus on our core business apart from exploring new growth opportunities as per  our business goals,"  stated Shabir M. Al-Yousef, CEO of  OIFC..

In the survey based on the market capitalization as at end of 31^st  March 2010, the listed companies in Muscat Securities Market (MSM) were classified into three categories namely large-cap, mid-cap and small-cap companies.  The listed companies falling into each category were ranked  using the weighted average methodology on the basis of five key financial parameters - revenue, net profit (to judge growth) and return on average assets, return on average equity and net profit margin (to judge efficiency).
 Alam Aliktisaad Wala'mal, published by United Press & Publishing is the premier Arabic business magazine in Oman.

We are in the initial stages of discussions with the major shareholder of National Finance Company SAOG with regards to acquiring their shareholding in that Company.

Currently the discussions and negotiations are at a very preliminary stage. The transaction will be dependent and subject to the legal and financial due diligence and approvals of all concerned authorities.

The same is placed as disclosure.

Secretary of the Board

According to new regulations with respect to disclosure of fundamental information and adherence to transparency so that investors will have equal opportunities, we would like to give below the initial un-audited financial results for the year ended 31/03/ 2010. The results are subject to audit by External Auditors and approval by Audit Committee and the Board.

Statement of Income
	31/03/2010	31/03/2009	Percentage
	Ro in 000's	Ro in 000's	Change
Operating Income	8,948	8,486	5.44%
Sales of Prepaid Cards	15,708	24,056	-34.70%
Cost of Prepaid Cards Sold	(15,477)	(23,750)	-34.83%
Depreciation	(275)	(219)	25.57%
Operating Expenses	(6,045)	(5,725)	5.59%
Operating Profit	2,859	2,848	0.39%
Finance Cost	(78)	(114)	-31.58%
Other Income	130	116	12.07%
Investment Income/(Loss)	572	(490)	216.73%
Profit Before Tax	3,483	2,360	47.58%
Tax	(352)	(328)	7.32%
Profit After Tax	3,131	2,032	54.08%
Earnings Per Share RO	0 .031	0.023
Statement of Financial Position
	31/03/2010	31/03/2009
Total Current Assets	34,031	32,150	5.85%
Total Non current assets	4,070	2,577	57.94%
Total Assets	38,101	34,727	9.72%
Total Share holders funds	15,874	13,738	15.55%
Total Current Liabilities	21,842	20,551	6.28%
Total Non Current Liabilities	385	438	-12.10%
Total Liabilities	38,101	34,727	9.72%
Net Assets per Share RO	0.159	0.153

Directors’ remuneration would be decided by the Board which will have an impact on the profits reported herein above.

For the information of the shareholders, an initial meeting was called on April 28, 2010 by Omantel to discuss the full and final settlement of the recourse claims that had been filed by OIFC during the earlier years under the previous contracts for the period Jan- 2003 to Jun-2007.

It is worthwhile mentioning here, the impact of the in-principle settlement of these claims based on the letter received from Omantel during May 2008, which was subject to their Board approval, was recognized in OIFC’s results for the financial year ending March 31, 2008.

The above results does not consider the impact of the final settlement as the same can not be quantified or estimated at this point of time. The impact, if any, would be realized and recognized as and when the final settlement is concluded.

With best regards

Shabir M Al Yousef

Chief Executive Officer

We are pleased to announce that Mr. Ajay Sikri has joined OIFC as a senior member of the team in the capacity of Chief Operating Officer (Operations). Mr. Ajay has a MBA in Finance and he brings with him 25 years experience in the fields of Banking, Real estate, Stock Exchange administration & Investments from UAE and India.

Secretary of the Board

Further to the disclosure on January 13, 2010 on acquiring of majority stake in Money exchange business, we disclose that the legal and financial due diligence has been completed by an independent professional Company. We are waiting for approvals from concerned authorities.

This is for information.

Secretary of the Board

OIFC is celebrating the great news that its customer friendly website has won a prestigious award at the Oman Web Awards for the fifth year running. OIFC received the gold award in the Banking and Finance category and is proud to be acknowledged for hosting one of the top websites in the country.

OIFC has run a series of training programs for its staff at various levels with the objective of re-introducing some dimensions in customer orientation.

Staff from various branches have been put through various soft skills development programs, including English Language training, Leadership and Computer skills, Finance Management and Customer Service. The training programs have all been conducted by reputed professional training service providers like the National Training Institute, Al-Muheet and Infoline.

There has been good appreciation of the OIFC management’s effort by the staff. "It was great, I have learned many new skills which I can implement in the workplace”, said one staff member. Another added, “This course will help me more in dealing with my subordinates”.

Such feedback from staff members mainly reflect the enthusiasm that OIFC staff have for this input being provided to them.

Oman Investment & Finance Co. SAOG, at the Board Meeting held on January 26th, 2010 approved un-audited Financial Results for the nine months period ended 31.12.2009. The net profit for the period ended 31.12.09 is RO. 2,524,625 compared to RO1,461,320 for the same period of the previous year recording an increase of 72.8 %. The detailed financials have been uploaded in the MSM website.

Company has entered into a Memorandum of Understanding (MOU) to acquire majority shares of a company working in the field of Money Exchange business, subject to approval by the concerned authorities, and the legal and financial due diligence is being started to determine the value to enable acquisition of shares of this company.

This is for information.

Secretary of the Board

Further to the disclosure on 12th October 2009 with reference to the proposal of Merger with ONEIC, following is the update:-
1. The Committee formed by ONEIC had a meeting with the committee formed by OIFC on December 26, 2009.
2. The Committee formed by ONEIC informed that ONEIC is not interested to move forward on the proposed merger based on report submitted by the External consultant appointed by them.

Secretary of the Board OIFC

Oman Investment & Finance Co. SAOG, at the Board Meeting held on October 28th, 2009 approved un-audited Financial Results for the six months period ended 30.09.2009. The net profit for the period ended 30.09.09 is RO. 1,995,156 compared to RO 1,181,607 for the same period of the previous year recording an increase of 68.9 %. The detailed financials have been uploaded in the MSM website.

Mr. K. Kannan has joined the Company as General Manager-Support Services with effect from 25th October 2009. He has also been nominated as the “Secretary to the Board” in the Board Meeting held on Wednesday the 28th October 2009.

Mr. Mishal Mohamed Al Raisi has submitted his resignation from the Audit Committee which has been accepted by the Board at its meeting held on Wednesday the 28th October 2009. Shaikh Salah Bin Hilal Bin Nasser Al Mawali, member of the Board, has been nominated to the Audit Committee in the place of Mr. Mishal Mohamed Al Raisi.

Shaikh Salah Bin Hilal Bin Nasser Al Mawali, simultaneously submitted his resignation from the Executive committee.

Further to the disclosure on 6th October 2009 with reference to the proposal for Merger with ONEIC, following is the update:

Oman Investment & Finance Co. SAOG (OIFC) is pleased to disclose to shareholders & investors the updates on the merger proposal.

After the meeting that was held between the authorized representatives of the two companies on 11.10.09 it has been agreed for ONEIC to appoint a consultant to complete the other part of the study pertaining to ONEIC.

And the Representatives shall meet later on to discuss the results of the study.

Further to the disclosure on 14th September 2009 with reference to the proposal for Merger with ONEIC, following is the update:

1. A letter on 16th Sept.2009 was received from ONEIC’s Chairman, informing about their Board of Directors’ meeting to discuss the proposed Merger issue and conveying their initial positive feed back. They requested for a copy of the independent study done by the External Consultant.

2. A copy of the Study was sent to ONEIC and subsequently based on the ONEIC Board’s request, a presentation was made by the External Consultant on 29th September 2009 to the ONEIC’s Board.

3. A letter has been received from ONEIC on 1st October 2009, requesting for a meeting with OIFC’s authorized representatives to take the matter forward.

4. A meeting is scheduled for next week.

Oman Investment & Finance Co. SAOG would like to announce to its shareholders that "Muscat Electricity Distribution Co. SAOC" (MEDC) has awarded the Electricity Supply Disconnection & Reconnection Contract for the Muscat Governorate, for the period from 01st October 2009 to 31st December 2010.

The revenue from this contract will depend on the number of Disconnections and Reconnections that wil be carried out on a monthly basis, in co-ordination with MEDC.

The Company is expected to earn a decent income from this contract.

Oman Investment & Finance Co. SAOG would like to announce to its shareholders that "Muscat Electricity Distribution Co. SAOC" (MEDC) has awarded the Electricity Supply Disconnection & Reconnection Contract for the Muscat Governorate, for the period from 01st October 2009 to 31st December 2010.

The revenue from this contract will depend on the number of Disconnections and Reconnections that wil be carried out on a monthly basis, in co-ordination with MEDC.

The Company is expected to earn a decent income from this contract.

The Board of Directors, at their meeting held on September 13, 2009 reviewed the study submitted by an external consultant, who was appointed by the Board, on the opportunity review for merger with Oman National Engineering and Investment Company SAOG (ONEIC). Based on the study, the Board came to the opinion that there are "prima facie" benefits in the merger and decided to take this proposal forward. Based on the Board decision, OIFC has sent a "Letter of Intent" for the merger proposal to the Chairman of ONEIC, rquesting to provide his & ONEIC Board's initial feedback.

The Board of Directors of OIFC would like to declare that the Company is currently engaged in studying new investment opportunities in the Services and Financial Services sectors for the best interests of the Company and its Shareholders. These studies also include Acquisition/Merger with a company/companies engaged in activities similar to those of OIFC.

As soon as the picture for these opportunities become clear, it will be disclosed in detail, based on the outcome of the studies made for these purposes.

The Board of Directors, based on the decision taken at the Board meeting held on 24th May 2009, have appointed Mr. Thomas Mathew as Head of Internal Audit, with effect from 14th June 2009.

Shabir M. Al Yousef
C.E.O

Oman Investment & Finance Co. SAOG, at the Board Meeting held on July 29th, 2009 approved un-audited Financial Results for the 1st quarter 2009. The net profit for the period ended 30.06.09 is RO 1,104,073 compared to RO 658,994 for the same period of the previous year recording an increase of 67.5%.

With regards to the  transaction  that  was  carried out  on  11th March 2009,   Messrs. Rasmala Investments (represented  by a board member) has sold 4,301,915 shares of OIFC, and the buyer is Messrs. Ruqayya  Development  and  Investment Co. LLC;whereas  Ruqayya  Development & Investment  Co. LLC  is related to the  Chairman of the Board  and also to another  member of the board of directors,  as a first degree.

All Shareholders of Oman Investment & Finance Co. SAOG, (OIFC), and Investors Community are hereby informed, that as per the letter of the Capital Market Authority dated 09th March 2009, it has been permitted to increase the shareholding of Al Khonji Investments LLC in OIFC to 40%
 

The Ordinary and Extra Ordinary General Meeting of the shareholders of OIFC was held on Monday the 02nd February 2009 at 05.30 PM at the Businessman Hall in the Capital Market Authority building and important resolutions were adopted as follows:

01. Extra Ordinary General Meeting.

The shareholders who attended the meeting and proxies available represented 68,430,956 shares, equivalent to 76.34% out of the total shareholding of 90,000,000 (Ninety million shares). The meeting fully agreed for adding new activities to the Company as per the document circulated to the shareholders and approved amendment to Clause – 2 of the Articles of Association of the Company, subject to the approval of the concerned regulatory authorities.

02. ORDINARY GENERAL MEETING;

The shareholders who attended the meeting and proxies available represented 68,430,956 shares, equivalent to 76.34% out of the total shareholding of 90,000,000 (ninety million shares). On the Related Party transaction of procuring 20 villas in the Dar Al Zain Real Estate Project at Wilayat Seeb, approval was granted by 85.08% of the quorum equivalent to 58,109,748 shares. 14.92% of the quorum , equivalent to 10,190,221 shares opposed the deal. 130,987 shares held by the Related Party concerned was not taken into account. Accordingly the majority of the quorum present approved this Real Estate Party Transaction.

MOHAMED ABDULLA AL KHONJI
CHAIRMAN – BOARD OF DIRECTORS.
 

Oman Investment and Finance Company SAOG (OIFC) announces that the Board of Directors has appointed Mr. Shabir M. Abdullah Al-Yousef as Chief Executive Officer (CEO) with effect from 1st of February 2009.

Mr. Shabir M. Al-Yousef holds a M.B.A. Degree in Finance from University of Lincolnshire & Humberside (U.K.), Master of Science from Colorado School of Mines (U.S.A.) and Bachelors Degree in Electronics & Communications from Sultan Qaboos University.

He has held the positions of General Manager of Damac Holding U.A.E, Group General Manager Of Premier Logistics Group L.L.C, General Manager of Truck Oman L.L.C, Acting General Manager of O.I.F.C and Petroleum Engineer in Petroleum Development of Oman (PDO).

He is also a Member of Board & Executive Committee of Al Anwar Holdings SAOG and was the Chairman of the Board of Directors and Executive Committee of National Aluminum Products Company SAOG.
 

OMAN INVESTMENT & FINANCE CO. SAOG IS PLEASED TO ANNOUNCE THAT THE UNAUDITED FINANCIALS FOR THE NINE MONTHS PERIOD ENDED 31st DECEMBER 2008 HAS BEEN UPLOADED IN THE MSM SITE. FOR THE KIND INFORMATION OF ALL CONCERNED.