MUSCAT: Central Bank of Oman has approved Bank Dhofar’s plan to issue a capital-boosting bond of up to $300 million, the bank told the Muscat Securities Market.
Bank said the borrowing would be in the form of perpetual Tier-1 securities with a coupon rate to be determined at the time of issue based on market conditions.
In February, the shareholders had given approval for the borrowing.
The bank had earlier said that such Additional Tier-I (AT1) type capital instruments falling under Basel III would be for the first time in the Sultanate.
Since there were a number of work streams for the issue, including regulatory approvals, it had then proposed a series of options which included non-voting/preference shares and convertible bonds.
The bond issue is over and above the proposed 45-million rial rights issue where the ratio would be 105 new shares for every 1,000 with a price of 276 baisas per share.
Bank Dhofar’s net profit grew 15.26 per cent to 11.78 million rials for the first quarter ended March 31, while it was 10.22 million rials in the same period of 2014.
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