Muscat Daily

Bank Muscat shareholde­rs approve increase in share capital to Ro800mn

- Our Correspond­ent Muscat

Bank Muscat has received its shareholde­rs' approval to increase the bank's authorised share capital from Ro450mn to Ro800mn. The shareholde­rs

also approved the issuance of bonus shares and perpetual bonds.

The bank held an extraordin­ary general meeting (EGM) and an ordinary general meeting (OGM) of its shareholde­rs on Wednesday through the elec

tronic platform provided via Muscat Clearing and Depository’s website. Both the meetings were presided over by Sheikh Khalid bin Mustahail al Mashani, chairman of Bank Muscat’s board of directors, according to a press statement.

At the EGM, Bank Muscat shareholde­rs granted their approval for the proposed increase

of the authorised share capital of the bank from Ro450mn to Ro800mn and for amending the Articles of Associatio­n, accordingl­y.

Also approved during the EGM was the issuance by way of dividend of 375,319,853 subordinat­ed, perpetual AT 1 bonds to

the bank’s list of shareholde­rs at the rate of one bond per 10 ordinary shares held by the share

holders on the meeting date, and in accordance with the relevant conditions.

Bank Muscat's board of directors was authorised by the shareholde­rs to complete all the

necessary actions after approval is received from regulators.

During the OGM, shareholde­rs approved the distributi­on of bonus shares at the rate of one

bonus share for every one share

held by the shareholde­rs of Bank Muscat on the meeting date, from the share premium reserves of the bank for the financial year ended December 31, 2021.

The approval of the distributi­on of bonus shares will result in an increase in Bank Muscat's issued share capital from 3,753,198,531 shares (aggregatin­g to Ro375.32mn) to 7,506,397,062 shares (aggregatin­g to Ro750.64mn).

Speaking on the occasion, Mashani thanked the regulators, shareholde­rs, customers and partners for their strong support to Bank Muscat, which has helped maintain the bank’s per

formance momentum over the years.

He said, “Bank Muscat, which celebrates its 40th anniversar­y this year, continues to demon

strate its leadership in Oman’s financial services sector. As the sultanate’s leading financial institutio­n, Bank Muscat is poised for

greater growth and developmen­t in the coming years as it strives to continue serving the nation and the people of Oman.”

Mashani added that Bank Muscat’s board of directors welcomed and supported the measures undertaken by the Central Bank of Oman and the Capital Markets Authority to strengthen and diversify the financial sector. He explained that Bank Muscat’s growth and achievemen­ts could not have been achieved without the oversight and appropriat­e policies initiated by the government.

Bank Muscat shareholde­rs approved the distributi­on of bonus shares at the rate of one bonus share for every one share held on the meeting date, from the share premium reserves of the bank for the financial year ended December 31, 2021

 ?? ?? Sheikh Khalid al Mashani
Sheikh Khalid al Mashani

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