Mubasher: Mandatory convertible bonds are scheduled to be converted into shares at a value of OMR 31.964 million starting Sunday, Bank Muscat said in a bourse statement.

Bonds, issued in 2014, will be converted at a price of 362 baisas per bond, 20% below the average share price traded on the Muscat Securities Market (MSM) in the previous 90 trading days, the bank added.

Bank Muscat is expected to finalise the issuance procedures for the new shares soon.

The bank is capitalised at OMR 249.63 million, distributed across 2.5 billion shares at a par value of OMR 0.10 per share.

The bank’s ordinary general meeting (OGM) approved the bank’s board proposal of distributing 25 baisas cash dividends per share, representing 25% of the bank's issued capital in 2016.

In 2016, Bank Muscat recorded an annual profit increase of 0.633% to OMR 176.56 million, compared to OMR 175.45 million in 2015.