banking

Bank Muscat shareholders approve increase in share capital to RO800mn

November 14, 2022

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 electronic 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 shareholders 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 performance momentum over the years.

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

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