(MENAFN- Muscat Daily) Muscat- At an extraordinary general meeting (EGM), Bank Muscat shareholders approved the renewal of bank's euro medium term note (EMTN) programme amounting to US$2bn.
The bank's EMTN programme involves issuing negotiable bonds in the international markets through public subscription or private placement, Bank Muscat said in a press statement on Tuesday.
The bond issues made pursuant to the EMTN programme would be of different currencies, in different amounts on different dates and with varying terms of subscription.
The EGM also authorised Bank Muscat board to determine the amount, date and terms of subscription of each issue, provided that the total negotiable bonds offered shall not exceed US$2bn and as long as all EMTN programmes are offered and fully subscribed within a period not exceeding five years from the date of EGM approval.
Shareholders also approved the renewal of the authorised capital of Bank Muscat amounting to RO350mn at a nominal value of 100bz per share.
Bank Muscat held its annual general meeting (AGM) and the EGM of shareholders at its head office on Monday. Both the meetings were presided over by Sheikh Khalid bin Mustahail al Mashani, chairman of the bank.
At the AGM, Bank Muscat shareholders granted their approval for the payout of 40 per cent dividend for 2018. Shareholders also elected a new board of directors and Mashani was elected as the new chairman of the board.
Continuing its strong dividend payment track record, Bank Muscat will make a payout of 35 per cent cash dividend for the year ended December 31, 2018. In addition, shareholders will also receive five per cent dividend in the form of bonus shares. Thus shareholders would receive cash dividend of 35bz per ordinary share of 100bz each aggregating to RO103.159mn on bank's existing share capital. In addition, they would receive bonus shares in the proportion of one share for every 20 ordinary shares aggregating to 147,370,636 shares of 100bz each amounting to RO14.737mn.
Mashani said, 'Following 36 years of successful growth, the sultanate's flagship financial institution is poised to further consolidate its leading position.'
Bank Muscat shareholders also approved the appointment of the Sharia'a supervisory board of Meethaq, the bank's Islamic banking window, at the AGM.
Bank Muscat had reported a net profit of RO179.63mn for the year 2018 compared to RO176.82mn net profit reported for the previous year, an increase of 1.6 per cent.
MENAFN2703201901410000ID1098308874
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.