Bank Muscat, in its upcoming annual general meeting (AGM) and extraordinary general meeting (EGM), will seek shareholders’ approval to increase the bank’s authorised share capital by RO100mn.
The board of directors of Bank Muscat has invited shareholders to attend the AGM and EGM which will be held on March 23 via the electronic platform.
As per the disclosure filed to the Muscat Securities Market (MSM), Bank Muscat board at the EGM will ask shareholders to consider and approve the proposed increase of the authorised share capital of the bank from RO350mn to RO450mn and amend the Articles of Association accordingly.
However, the bank has not disclosed about the modes of raising the authorised share capital.
In a separate disclosure to the MSM on Monday, Bank Muscat said it is planning to raise US dollar funds under its existing Euro Medium Term Note (EMTN) Programme which is listed on the Ireland Stock Exchange.
The bank said it has appointed a number of leading banks to act as joint lead managers and book runners to arrange a series of meeting with fixed income investors, to be conducted after this disclosure.
‘A Regulation S only benchmark five-year bond issuance will follow subject to market conditions. The issuance is designed to support long-term US dollar funding requirements of the bank for project finance and wider asset growth,’ Bank Muscat said.
The bank’s AGM on March 23 will consider and approve the proposed cash dividend of 25bz per share and the distribution of stock dividend of 10 per cent of issued share capital of the bank (10 bonus shares for each 100 shares) for the financial year 2020.
Bank Muscat said if the quorum requirement for holding the AGM is not fulfilled on March 23, a second AGM shall be held on March 25 to discuss the items on the agenda.
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