BankDhofar approves 20pc dividends

01/04/2018 08:04 AST

The Board of Directors of BankDhofar has conducted its Annual General Meeting at intercontinental Muscat on March 27, 2018. The meeting was chaired by Abdul Hafidh Salim Rajab al Aujaili, Chairman of the Board, and attended by the board members, senior management of the bank and shareholders. During the meeting, the board of directors presented the financial performance report for year ending December 31, 2017, which was reviewed and approved. Shareholders also approved the corporate governance report, the auditor’s report, the balance sheet and the profit and loss accounts of the same fiscal year, in addition to the report of Sharia Supervisory Board for Maisarah Islamic Banking Services for the same financial year.

The board of directors approved at the meeting set-up of $750 million funding programme including $500 million EMTN Senior programme and $250 Tier 2 Sub-ordinated Bond.

In continuation of its capital augmentation plan, the bank approves to raise its capital base through setting up and issuing Tier 1 Capital instrument (Additional Tier 1 Perpetual Bond AT1-Bond) up to RO 40 million to be listed and traded on the Muscat Securities Markets. AT1-Bond Issue will strengthen the quality of the bank’s capital base.

The meeting also approved the proposed cash dividend of 12 per cent of the paid up capital of the bank (12 baisa per share) for the financial year ended on December 31, 2017, and a bonus share of 8 per cent (80 shares per 1,000 shares). As a result of this the paid up capital of the bank will be increased from 2,257,857,722 shares to 2,438,486,340 shares.

Oman Daily Observer