Al Haditha was formed out of five Super LCCs that were approved by a ministerial committee formed in 2006 as part of the efforts embarked in developing the local communities in PDO’s concession area by providing substantial business opportunities.
The company was initially established with 2507 community shareholders with an initial share capital of US$ 8 Million, specifically from the Northern Oil Concession areas of Oman. With the growing desires, the company increased its share capital inviting additional 500+ shareholders, with the additional share value of US$ 7 Million, totaling to 3030 shareholders with a total share capital of US$ 15 Million. This indicates the shareholders confidence on company’s performance and encourage us to further strengthen our competencies and execution capabilities in all our business areas.
Company is represented by six elected Board Members and one Nominated Board Member by Government on a three year term basis. Board functions include:
- Approving business & financial policy of the Company
- Reviewing & approving Company strategy & objectives
- Approving the delegation of power to the Executive Management
- Reviewing Company performance
- Appointment of CEO/GM and other key executives
- Reporting to the Shareholders
- Strategic direction, planning and business governance
- Internal audit control
- Succession Planning
Each year, the Annual General Board Meeting is held to present company’s financial information to shareholders.
Al Haditha shareholders are the driving purpose for the Company and our inspiration in all that we do. Every Omani Rial the company makes, goes towards benefiting shareholders either as a current year benefit or reinvested for future benefits. The company also provide priorities on employment, training and project opportunities to the local communities to improve their wealth and living standard.