Muscat. ahlibank is pleased to announce the successful conclusion of its Annual General Meeting (AGM) and Extraordinary General Meeting (EGM), which took place on Wednesday, March 27, 2024 via an electronic platform for general meetings through Muscat Clearing and Depository’s (MCD) website. The meeting was presided over by Hamdan Ali Nasser Al Hinai, Chairman of the Board of Directors, and was attended by the board members, senior management, and shareholders.

During the Extraordinary General Meeting (EGM), the shareholders reviewed and approved the issuance of 103,661,359 free mandatory convertible bonds to the bank’s shareholders, with one bond issued for every 22.666667 shares, having a nominal value of 100 Baiza plus an issuance expense of 2 Baiza per bond. This equates to a dividend of 4.5 Baiza per share, totaling RO 10,573,458.618 for the fiscal year ending December 31, 2023.

Additionally, during the course of the Annual General Meeting (AGM) the shareholders approved the Board of Director’s Report on the Bank’s activities and its financial position for the fiscal year ended December 31, 2023. Shareholders also approved the Bank’s Organisation and Management Report (Corporate Governance Report), Auditor’s Report on the Bank’s Audited Financial Statements and the Sharia Compliance Report of ahli Islamic for the year ended December 31, 2023.  Moreover, Bank’s shareholders approved the dividend distribution of 9 Baiza per share, divided into 4.5 Baiza in cash and 4.5 Baiza in the form of mandatory convertible bonds, which was approved in the EGM. Further, the general assembly was informed of related party transactions the Bank completed during the previous fiscal year.

On the sidelines of the general assembly meeting, Hamdan Ali Nasser Al Hinai, Chairman of the Board of Directors, commented: "With promising future steps, we at ahlibank affirm our commitment to a path of excellence and innovation to provide the best services and products to our customers. The trust and support we receive from our shareholders are a testament to the success of our strategy to build sustainable relationships with our partners, enhancing our efforts towards achieving more growth and success. As we quickly and flexibly adapt to the steady changes in the market, we renew our resolve to provide the best services to our customers and the community around us with utmost dedication and integrity. ahlibank's vision is based on clear and firm pillars - setting new standards in the banking sector by focusing on customer satisfaction and achieving well-being for community members, thereby driving the wheel of economic and social development in the country."

The shareholders appointed the Sharia Supervisory Board for 2024-2026. The shareholders also ratified and approved the sitting fees and remunerations for the Board of Directors and the Sharia Supervisory Board for the past year and outlined their compensation for the 2024 fiscal year. Moreover, a third party was appointed to evaluate the Board’s performance for the financial year ending on December 31, 2024, and determine their fees. External auditors and Shari’a auditors were also appointed for the same fiscal period.

Looking ahead, ahlibank remains dedicated to its mission of delivering excellence and innovation in banking. With a focus on customer-centric strategies, digital transformation, and product expansion, the bank will continue to drive its progress and success. The bank is committed to upholding the highest standards of service and integrity contributing positively to Oman’s economic prosperity, sustainable growth, and ongoing commitment to its shareholders and the broader community.