Oman – Mubasher: Ahli Bank announced that its extraordinary general meeting (EGM) and annual ordinary general meeting will convene on Tuesday, 24 March to discuss raising the bank’s capital and approving the dividends.

In its filing to the Muscat Securities Market (MSM), the bank said that the suggested paid-up capital hike will raise capital by 76% from OMR 150 million to OMR 250 million. Following the capital increase, the number of shares will rise to 1,295,487,404 shares.

Moreover, the Board had recommended a bonus share distribution representing 10% or amounting to 10 shares for every 100.

The OGM will also discuss reducing the size of the Board from nine to eight members. Amendments to the Articles of Association of Ahli Bank will be made accordingly. 

Unaudited financials for the Omani bank for the period ended 31 December 2014 showed a net profit of OMR 25.1 million ($65 million) compared to OMR 23 million ($59.5 million) in 2013, an increase by 9%.