BankDhofar approves 20% dividend

01/04/2018 09:04 AST

The Board of Directors of BankDhofar held its Annual General Meeting at intercontinental Muscat on March 27, 2018 (Tuesday).

The meeting was chaired by Eng. Abdul Hafidh Salim Rajab Al Aujaili, Chairman of the Board, and attended by the board members, senior management of the bank and shareholders.

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 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.

During the meeting, the board of directors presented the financial performance report for year ending on 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 Euro medium-term note (EMTN) Senior programme and $250 Tier 2 Sub-ordinated Bond.

In continuation of its capital augmentation plan, the bank approved to raise its capital base through setting up and issuing Tier 1 Capital instrument (Additional Tier 1 Perpetual Bond AT1-Bond) up to OMR40 million to be listed and traded on the Muscat Securities Markets (MSM). AT1-Bond Issue will strengthen the quality of the bank's capital base.

BankDhofar Board of Directors also discussed and approved the transactions of the Bank with related parties and the spending to support corporate social responsibility (CSR) for the financial year ended 31st December 2017. The meeting also agreed to appoint the External Auditors and Sharia External Auditors for the financial year 2018.

Times of Oman