MUSCAT: Oman’s Ahlibank approved a proposal to increase OMR250 million capitals from OMR150 million and a reduction in the size of board members from nine to eight.
Approval was also given to meet the requirements of tier 2 capital (subordinated debt) in accordance with the Regulatory Framework Basel III issued by the Central Bank of Oman, said a bank release.
At the annual general meeting here, the bank’s shareholders approved the board of directors’ recommendation to distribute bonus shares of 10 per cent of the capital (10 shares per 100 shares) for the year ended 2014.
Chairman Hamdan Ali Nasser Al Hinai said, “In view of the current market conditions, it is prudent to conserve the bank’s internally generated resources wisely and further strengthen its capital base.” The chairman also emphasised on ahlibank’s commitment to the shareholders and the confidence it has in its ability to grow and enhance shareholders value.
Presided over by Al Hinai, the shareholders approved the board of directors report, the corporate governance report, auditor’s report and audited financial statements for 2014 at the meeting. The bank’s earnings per share (EPS) for 2014 was 19.4 basias as compared to 17.8 baisas in 2013.
The bank’s annual general meeting ratified the payments of sitting fees for the board of directors and board sub-committees meetings held during the financial year 2014 and determined the sitting fees of the board of directors and board sub-committees for the next financial year.
The shareholders approved the board remuneration for the financial year ended December 2014, and ratified the payments of remuneration and sitting fees to the Sharia Supervisory Board for 2014 at the meeting.
The appointment of the Sharia Supervisory Board members and their remuneration and sitting fees for the financial year ended December 2015 was also approved at the meeting.
