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Announcement

19-January-2010

Management Restructuring in Oman Cables Industry (SAOG)

During the last few years, Oman Cables Industry (OCI) has expanded its operations and is positioned to enter new international markets. OCI has moved from its traditional operations to enhance its growth and started joint ventures investment locally and internationally.

To boost the development initiatives the Board has revised the management structure of the company as follows:

The Board is pleased to announce that Mr. CJ (Hans) Meiring has been elevated to the position of Chief Executive Officer. In his position he will report to Mr. Hussain Salman Al Lawati, Vice Chairman & Managing Director who will continue to steer the Group and will represent the Board of Oman Cables Industry (SAOG).

This announcement is effective from date of issue.
For and on behalf of the Board of Directors of

Oman Cables Industry (SAOG)

The Board of Directors approved Audited Financial Statements for 2009 in the meeting held on 18 January 2010

In the Board Meeting held on 18 January 2010, Oman Cables Industry (SAOG) Board of Directors approved the financial statements for 2009 of the Parent Company and the Group.

Highlights of Financial Statements for the group are as follows:

• Sales of 2009 were RO 155.6 million compared to RO 304.4 million in 2008

• Net Profit after tax was RO 6.6 million compared to RO 6.1 in 2008. The Net profit margin increased by 4.26% in 2009 compared to 2.01% in 2008.

• Earning per share increased to RO 0.074 in 2009 compared to RO 0.068 in 2008

• Net asset per share increased to RO 0.450 in 2009 compared to RO 0.351 in 2008

• Total borrowings reduced by RO 40.4 million during 2009

The Board proposed 30% cash dividend, to be approved by the shareholders at the Annual General Meeting.

Explanatory statement
The current economic situation has resulted in consolidation in the industry and the sectors we serve. Customers across all regions have been adversely affected and have moved quickly to re-prioritize and re-focus on short term survival. This has resulted in much lower product demand than witnessed in prior years.

Despite the adverse scenario Oman Cables Industry (SAOG) the parent company has performed well albeit at lower turnover and achieved Sales revenues of RO 155.6 million and PAT of RO 6.7 million for the year 2009.

Though the sales revenues fell by 49% compared to the previous year, the actual volumes in metal tons was reduced by 24%.

The net profit for the Group was RO 6.6 million after the consolidation of the Accounts of Oman Aluminium Processing Industries LLC (OAPIL) which is at pre-operative stage.

The profitability for the year 2009 has increased to 4.26% of sales compared to 2.01% achieved in 2008. The increased profitability is due to management’s initiatives towards cost optimization and managing overheads in line with reduced volumes. During the year under review, the company has reduced its total borrowings by RO 40.4 million thus made significant savings on interest and financing cost.

Review of Operations
The demand in the domestic market remained positive due to the Government’s long term investment in infrastructure to ensure sustainability of the Omani economy.

The demand in the regional market has seen some consolidation and is now more focused on megatrends with emphasis on the development of Power, Telecom, Water and Transportation sectors.

Sales in the international markets were impacted as a result of the slowdown on major projects and general decline of business on a Global basis.

The year 2009 will be remembered by the company as it successfully obtained product certification from British Approvals Service for Cables (BASEC), United Kingdom. This will further enhance OCI’s market leadership and will give the Group access to new markets on a much broader Global customer base.

Future outlook
Our company’s robust corporate strategy continues to build a strong foundation and drive the Group’s growth going forward to capitalize on opportunities that will come from emerging markets as the Global Economic Scenario improves.

OCI’s domestic market continues to be our company’s major strength and Oman Cables is a preferred choice for many prestigious customers in Oman. Further plans have been initiated to expand its product offering in the local market.

The growth in demand in the GCC and MENA regions will be driven by some of key projects announced recently viz., the inter-link of the Electricity Grid among the GCC countries, Rail Transportation, Metros, and various other projects will continuously create demand for our products.

During the year, the company has added further dimensions to its international markets. OCI is now in a position to enter the selected new markets where it demonstrated its capabilities to the prospective clients.

OCI’s Joint Venture Project:
OCI’s ambitious project Oman Aluminium Processing Industries LLC (OAPIL), in collaboration with Takamul Investment Company (Oman Oil) is at advanced stage of completion and scheduled for commercial production in early 2010. OCI’s management with the cooperation of Takamul management has demonstrated its vision and continued commitment to execute the project as per the original feasibility study despite the Global economic turbulence.

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EHC MOU with OCI will ensure T&D network in Oman utilizes global technologies - 18th August 2009

Muscat: A Memorandum of Understanding was signed yesterday between Electricity Holding Company (EHC) and Oman Cable Industries (OCI) to cooperate in establishing the basis on which to enter into term contracts for the supply of products from the electrical supply industry to the EHC Group companies.

Since the Renaissance in 1970, the Sultanate of Oman has witnessed rapid and continued growth in its economy. The Government took various initiatives to facilitate Omani and international business communities’ participation in the Sultanate’s growth. One of these was the restructuring of the electricity sector and the creation of new government owned entities to undertake the operation and development of the region’s electricity infrastructure.

The Electricity Holding Company (EHC) and its subsidiary companies were established to ensure there is sufficient supply of electricity to meet the needs of citizens and customers in Oman now and into the future.

OCI is a company that has demonstrated its capabilities in the local and international markets, including South America, Australia, Europe, Asia Pacific, GCC and MENA regions where a reputable customer base has been established. Today OCI is a key contributor to the national non-oil Omani origin exports.

Mr. Karl Matacz, CEO of EHC, said that the MOU will promote technology transfer from suppliers to ensure that the transmission and distribution network in Oman utilizes leading global technologies. Under the MOU, both parties will cooperate in the design of the supply framework that has cost benefits to electricity companies, delivers uninterrupted supply of products, enables better inventory management, fosters the exchange of technical know-how, thereby creating a sustainable long-term development programme in the Sultanate of Oman.

Mr. Karl also said that OCI, with its global presence, has the capability in both manufacturing technology and logistic capabilities, to meet the needs of the electricity industry of the country.

Mr. Hussain Salman Al Lawati, Vice Chairman and Managing Director of Oman Cables said that with great support from EHC and its subsidiaries, OCI was able to become a true global player. He added, OCI constantly endeavors to ensure their manufacturing capabilities have an industry leading edge, and also ensures that Oman, as a country, has the best technology available.

He also said that such synergies will create opportunities for nurturing local talent from both the institutions and expose them to global best practices, and benefit from OCI’s global strategic alliances.

OCI sponsored the Oman David Cup tennis team for their tie against Hong Kong held from 10th - 12th July 2009

Oman Cables Industry (SAOG) sponsored the Oman David Cup tennis team for their tie against Hong Kong held from July 10 to 12 in Hong Kong. A formal document was signed between Hans Meiring, Chief Operating Officer and Mohammed Al Balushi, Secretary-General of Oman Tennis Association (OTA).

Mr Mohammed Al Balushi said the support of Oman Cables Industry shows their commitment as socially-conscious company to work for development of sports in Oman.Oman and Kuwait are the only countries to play at this level in Davis Cup in Arab countries from Asia.

On behalf of Management and employees of OCI, Mr Meiring conveyed best wishes to the team for the tie.
 

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OCI's Newsletter - March 09

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OCI’s DR Site Inaugurated

Oman Cables Industry SAOG (OCI) is keeping pace with changing times by aligning its IT Strategy with its Business Strategy, resulting the best value delivery to its customers

The management of OCI recently took an enterprising step by implementing a Disaster Recovery Center (DRC) at a site around 200km from its main office.

Mr. Hilal Hamad Al Ahasani, Chief Executive Officer of PEIE – Public Establishment for Industrial Estate e-inaugurated this facility by remotely logging into the DRC from OCI’s operations at Rusayl in the presence of Mr. Hussain Salman, Vice Chairman & Managing Director, Mr. Hans Meiring, Chief Operating Officer and other senior management officials of OCI on 11-Sept-2008 at 12:30 hrs.

While appreciating the initiative Mr. Hilal Al Ahasani said that an awareness need to be created among other industries in Oman about the seriousness of the subject.

Mr. Hussain Salman said that this is yet another milestone and shows OCI’s commitment to its customers in ensuring business continuity in the event of major catastrophe such as earthquake, cyclone, flood etc. Mr. Hussain Salman offers OCI’s experience and assistance to other industries through PEIE in this regard.

Mr. Sajid Ali, Senior Manager - IT explained that all the business critical data is being sent to the DRC online using a dedicated leased data line. Regular drills are conducted to ensure its effectiveness, and the site is monitored remotely as a cost effective measure.

Apart from DRC, the company also has comprehensive preventive systems and High Availability systems to ensure quick resumption in case of any disruption.

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Oman Cables Industry Supports AEI

OCI management has strong philosophy to play an active role in the development of the Omani Society thorough its Corporate Social Responsibility (CSR) over the years and supports various organizations with a true spirit that are dedicated to social, medical, physical and academic programmes with a view to provide quality of life for the less fortune in the Society.

The Company’s Management has made significant donation to support Children through the Association of Early Intervention for Children with Special Needs(AEI) - a 100% charitable organization that looks after children with special needs upto the age of six years.

While appreciating the good work done by the AEI, Mr. Hussain Salman Al Lawati, Vice Chairman & Managing Director of the Company personally handed over the cheque to Mr. Hassan Mohammed Al Moosa of AEI on 23-June-2008 at their Rusyal office in the presence of Company’s senior officials including Mr. Hans Meiring, Chief Operating Officer and assured OCI’s continued support to AEI for the other programmes as well.

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Two Prestigious Oman Awards to OCI

In the glittering ceremony held on 10th May 2008 to announce “The Flame of Excellence” & other Awards to honour achievement and further development in Oman’s private sector for 2007, OCI has been declared as:

- Winner of “Exporter of the Year – 2007”.

- Winner of Overall “Flame of Excellence – 2007”.

OCI’s pursuit of excellence has been recognized once again and OCI has repeated the dual crowning for 2nd year in succession!

Flame of Excellence Award is awarded for overall excellence in all the fields and Exporter of the Year Award is awarded for the Best Export track record.

For 2004 – Flame of Excellence

For 2005 – Exporter of the Year

For 2006 – Exporter of the Year & Flame Of Excellence

For 2007 – Exporter of the Year & Flame of Excellence

OCI is the largest manufacturing Company in Oman with sales in excess of US$ half billion in 2007. 65% of sales are exported to 21 countries across all the continents. OCI contributes 11% of Oman’s non-oil exports. With a workforce of 569 employees OCI has 51% Omanisation compared to the 35% stipulation.

OCI Management congratulates & places on record its deep appreciation of all its employees & salutes their continued endeavour towards journey of excellence.

OCI Management is indebted to its Board of Directors, Shareholders, Stakeholders, Associates, Bankers, Customers for their unstinted support & guidance to achieve such and many more recognitions in future.

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“Indian Ambassador Visit to Oman Cables”

At the request of Oman Cables Industry (SAOG), HE Anil Wadhwa, Ambassador of India, Sultanate of Oman visited the Company’s Head Quarters and its manufacturing facilities in RIEA on 23-Apr-2008.

The senior management of the Company accompanied the Ambassador and the Second Secretary on a plant tour to view its state-of-the-art manufacturing facilities. The Ambassador had the opportunity to meet and interact with Indian nationals employed in OCI at all levels.

The visit included a presentation session giving an overview of the OCI’s history, its growth since inception in 1987, its contribution to the national economy & in nation building; a new Oman. The visit also highlighted OCI’s joint venture company viz., Associated Cables Pvt Ltd., Mumbai, India where OCI has the management control.

On the occasion and to commemorate the visit, both Mr. Hussain Salman, Vice Chairman & Managing Director of the Company and HE Anil Wadhwa had exchanged the mementos.

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Annual Staff Day 2007 12-Mar-2008
Oman Cables had organized its Annual Staff Day for the year 2007 on 12th March 2008; Wednesday at Shangri La Barr Al Jissah Resort from 7:00 pm onwards. This year it was very special since OCI celebrated its 20th year of operations with consistent year-on-year Growth.

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OCI celebrated environment day In line with OCI's principals of upholding social awareness issues, OCI celebrated environment day on 24th Jan 2008 by organizing cleanliness & awareness drives in and around factories in Rusayl Industrial area.

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3rd Algeria Electricity Exhibition OCI participated first time in 3rd Algerian Electricity exhibition in order to mark its presence in North Africa . OCI will continue to participate in such events from time to time to increase its presence and market share in African Continent.

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Egypt Exhibition
Oman Cables Industry participated in Electricx -2007 :- In order to strengthen and build new customer chain in MENA market OCI participated 2nd time in ELECTRICX 2007.Exhibition was held in Cairo international exhibition center Egypt.

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OCI arranged Outing on 19-Dec-2007 at Al Sawadi Beach Resort especially for shop-floor employees.

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OCI received a Certificate of Recognition From “Port Services Corporation SAOG”  for the year '2006 at a glittering function at Grand Hyatt on 2nd December '2007, for Highest Number of Import containers through “Port Sultan Qaboos”.

OCI has imported the following containers
'2005     2654 Containers
'2006     4420 Containers
'2007     6000 Containers

OCI Management wishes to congratulate the Logistic team for their significant contribution to OCI and capability in managing the above growth.

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OCI arranged staff family gathering at Al Sawadi beach resort hotel on 28th Nov 2007. We work hard we plat hard.

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Oman Cables Industry achieved the unique distinction of receiving both Flame of Excellence Award and Exporter of the Year Award for 2006. The awards were received at a grand gala function conducted on 12th May 2007 by the organizers. These awards are a private sector driven initiative to recognize corporate achievements in Business Excellence, Export Promotion, Tourism and Environmental Management.

This is not the first time that Oman Cables has won these awards. Oman Cables received the Flame of Excellence award in 2004 and was adjudged a finalist for the same in 2005. The company was a finalist in 2004 for Exporter of the year award and won the same in 2005. These awards are a testimony to the consistency in company's superlative performance.

Oman Cables Industry celebrated Annual Staff day on 28th Feb 2007 in Muscat Intercontinental Hotel to celebrate the performance of the year 2006 and to felicitate performance of outstanding and long service employees.

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Oman cables was the proud winner of two trophies at the OER Corporate Challenge held on 31st Jan & 1st Feb '07 in which the best of the Oman Corporate World took part. The competition was a combination of intellectual & physical skills spread over two grueling as well as fun filled days.

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Oman cables participated in Khartoum International Fair :- Oman cable is focusing & targeting MENA Market very seriously.

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OCI undertook Environment Walk:- Senior Executives and employees of Oman Cables Industry ( SAOG ) on Thursday 1st Feb took part in an environment walk in Rusayal. OCI has always been prudent corporate citizen. And its endeavor to contribute to the well being of its employees and society said Vice chairman and Managing director of OCI said

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EGYPT EXHIBITION
Oman Cables Industry participated in Electricx -2006 :- In order to strengthen and build new customer chain in MENA market OCI will participate in all potential exhibitions Electricx-2006 exhibition was held in Cairo international exhibition center Egypt.

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Oman Cable holds blood donation camp
This was a unique imitative by OCI's HSE Dept. and was held for the first time at the OCI factory. One complete hall was allocated at the OCI's Rusayl office for the camp. MOH officials expressed their satisfaction about the overwhelming response from the OCI's employee for this noble cause.

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