Bank Sohar shareholders approve dividend of 15%
Key topics of discussion during the EGM included the approval of an increase in the bank’s authorised capital from OMR200m to OMR400m, in addition to the amendment of the Articles of Association of the bank
Times News Service
MUSCAT: Bank Sohar’s shareholders attended an Extraordinary General Meeting (EGM) followed by the Bank’s Annual General Meeting (AGM) on March 29, 2018, at Sheraton Hotel in Muscat. The bank’s Board of Directors (BoD), led by Chairman of the Board Mohammed Mahfoudh Al Ardhi, and its Executive Management convened to brief shareholders on the bank’s performance in 2017 and discuss items on the agenda.
Key topics of discussion during the EGM included the approval of an increase in the bank’s authorised capital from OMR200 million to OMR400 million, in addition to the amendment of the Articles of Association of the bank, accordingly. The AGM in turn covered 17 agenda items, starting with the review and consideration of the BoD’s report for the financial year ending December 31, 2017.
Commenting on the meeting agenda, Al Ardhi said, “The bank’s solid performance during last year’s challenging business environment demonstrated its capabilities as a market leader that continues to achieve sustainable growth across numerous verticals. We are confident that our shareholders and the wider market will continue to see Bank Sohar as an institution of banking excellence in contribution to the Oman as an emerging industry.”
The 17 items covered included the BoD’s proposal for a budget of OMR250,000 for corporate social responsibility (CSR) and charitable donations in 2018, as well as a review of what was allocated in 2017 for donations.