• Targeting a wide employee base with a focus on blue-collar workers, Oman Cables’ share-based plan will serve as a core driver to improve employee engagement

• The plan is part of Oman Cables’ 'Empowerment, Innovation and Excellence’ vision, which extends from its products and services to the opportunities available to its workforce

• Company also has achieved Omanisation rate of 50% ahead of the targeted period

Muscat: Oman Cables Industry (OCI), Oman’s leading manufacturer of energy cables and innovative service provider, celebrated the 52nd Oman National Day demonstrating a renewed commitment to employees by rolling out a company share-based variable remuneration and profit-sharing plan. This scheme is rolled out by Prysmian Group – the strategic partner of OCI – and is based on an on/off condition in achieving specific local and regional target, awarding the employees with receiving Prysmian Group shares.

Targeting a wide employee base with a focus on blue-collar workers, OCI’s share-based plan will serve as a core driver to improve employee engagement, foster a sense of belonging, encourage employees to excel in their roles and maintain alignment with Prysmian Group’s framework for future success while promoting stability. The plan is part of OCI’s 'Empowerment, Innovation and Excellence’ vision, which extends from its products and services to the opportunities available to its workforce.

Cinzia Farisè, CEO of Oman Cables, said: “The launch of our people-centric, profit-sharing plan comes in recognition of our employees’ commitment to OCI and its culture, as we find new ways to reward our most integral asset through corporate diversity and inclusive value creation. We are confident that, by ensuring the involvement of all calibres in incentive-based initiatives, we can sustain innovation and safeguard the interests of all stakeholders, from employees to shareholders.”

Created in line with Prysmian Group’s Social Ambition 2030 goal of having 50% of employees as shareholders, OCI’s newest stock ownership plan will see eligible employees opt to convert some, or all, their monetary or production bonuses in company shares, incentivising participation and reinforcing increased engagement in the Group’s performance. Enrolled OCI employees will receive a percentage of their monetary entitlement, a predetermined, countervalue equal to shares calculated on an annual and individual basis in accordance with bonus amounts.
 

Guided by a vision of ‘Empowerment, Innovation and Excellence’, OCI has also recently launched SHE STEMS in support of Omani women. The manufacturer welcomed 20 female students for the programme, which aims to build the capabilities of Omani women within STEM (Science, Technology, Engineering and Mathematics) sectors. Created in collaboration with the Oman Ministry of Higher Education (MOHE) and the Ministry of Labour (MOL), SHE STEMS seeks to create more opportunities for Omani women to pursue careers in the industrial sector, helping build a diversified economy in line with Oman Vision 2040.

OCI has achieved an Omanisation rate of 50% in Q3 2022 ahead of the target date. To mark Oman National Day, the company celebrated this special day with its employees through a gathering with traditional activities at the regional headquarters, showcasing Omani culture and the Sultanate’s rich heritage and abundant traditions.

ENDS

ABOUT OMAN CABLES INDUSTRY (SAOG)
Oman Cables Industry (SAOG), a public joint stock company listed on Muscat Stock Exchange (MSX), is a leading cable manufacturer based in the Sultanate of Oman that develops, manufactures, and markets a wide range of electrical products, which include medium voltage power cables, low voltage power & control cables, instrumentation cables, pilot cables, overhead power transmission line conductors and building wires. In addition, Oman Cables Industry provides cables with unique specifications – for various applications and environmental conditions, or as per customer requirements. Part of the Prysmian Group - A truly global worldwide group leader in the cable industry - Oman Cables Industry ranks within the Top Global Wire and Cable Producers. Originally established in 1984, Oman Cables Industry now has offices located in Oman, UAE, Qatar, Bahrain and KSA. The company also enjoys an extensive network of distributors and agents throughout the Middle East, Africa, Turkey & India (MEAT) region.

Media Relations
Danielle Aychouh
Danielle.aychouh@omancables.com

Investor Relations
Jad Atallah
jad.atallah@omancables.com