Both the meetings were presided over by Sheikh Khalid bin Mustahail Al Mashani, Chairman of the bank’s Board of Directors.
At the EGM, the shareholders of the bank approved the renewal of the Meethaq Sukuk Programme amounting to OMR500 million. The EGM also authorised the Board of Directors of the bank or those delegated by the board to establish and approve Meethaq Sukuk Programmes. The EGM also approved the amendment of the bank’s Articles of Association in light of the new Commercial Companies Law (No. 18/2019).
At the AGM, shareholders of the bank ratified the pay-out of 40 per cent dividend for 2019. Continuing its strong dividend payment track record, the bank paid out 35 per cent cash dividend for the financial year that ended on December 31, 2019. In addition, shareholders also received a 5 per cent dividend in the form of bonus shares. Thus shareholders received a cash dividend of OMR0.035 per ordinary share of OMR0.100 each aggregating to OMR108.317 million on the bank’s existing share capital. In addition, shareholders also received bonus shares in the proportion of 1 share for every 20 ordinary shares aggregating to 154,739,168 shares of OMR0.100 each amounting to OMR15.474 million.
Sheikh Khalid bin Mustahail Al Mashani thanked all the stakeholders of the Bank including the shareholders, customers and the banking community for their support and commitment to Bank Muscat, which helped maintain the Bank’s performance momentum during the year. He added that Bank Muscat was poised to further consolidate its leadership position in the future.
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