Notes to the Consolidated Financial Statements for the year ended 31 December 2009 15 STAFF TERMINAL BENEFITS Defined contribution plan 2009
2008
RO’000
RO’000
Movements in the liability recognized in the statement of financial position are as follows: 1 January Accrued during the year Payments during the year Adjustments on sale of a subsidiary
4,151 1,278 (606) -
3,647 1,438 (594) (340)
31 December
4,823
4,151
15 STAFF TERMINAL BENEFITS Defined benefit plan The pension scheme of one of Group’s subsidiary covers a total of 477 employees (2008: 369 employees). The pension scheme gives the right to defined future benefits, which are mainly dependent on number of years worked, salary level at time of retirement and the amount of payment from the national insurance fund. The obligations are covered through an insurance company. The calculated pension obligations are based on actuarial valuation. The actuarial valuations are based on assumptions of demographical factors normally used within the insurance industry. 16 CAPITAL AND RESERVES Share capital The authorised share capital of the Parent Company comprises 400,000,000 ordinary shares of RO 0.100 each (2008 : 400,000,000 of RO 0.100 each). At 31 December 2009, the issued and fully paid up share capital comprised 282,094,452 ordinary shares of RO 0.100 each (2008: 245,299,524 of RO 0.100 each). During 2009, the share capital increased by RO 3,679,493 due to the issue of 36,794,928 bonus shares. Details of shareholders, who own 10% or more of the Parent Company’s share capital, are as follows:
Tawoos LLC
2009
2009
2008
Number of shares ‘000
%
Number of shares ‘000
42,538
15.08
36,989
2008 %
15.08
& ITS SUBSIDIARY COMPANIES
77