(MENAFN- Times of Oman) MUSCAT — The board of directors of Oman Orix Leasing has proposed to increase the company's capital from the present RO5 million to RO10 million by June 2007.
The board has also proposed a stock dividend in the ratio of 15 shares for every 100 shares owned. The proposals are subject to regulatory and shareholder approvals. The company witnessed strong growth in 2006 as its business volume increased by 43 per cent over the preceding year. Net lease income for the year 2006 rose 14 per cent over the previous year. Profit before provision and tax increased by 27 per cent to RO1.36 million from RO1.07 million in 2005. The net profit grew by 12 per cent in 2006. Gaurav Vaish was appointed temporary director of the company. Net profit for the year was 12 per cent higher. Total borrowings increased by 48 per cent to RO25.7 million. Financial charges rose by 68 per cent to RO1.2 million as a result of sharp increase in interest rates and increased borrowings.
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