MUSCAT – Bank Muscat held its Annual Ordinary General Meeting (AGM) and Extraordinary General Meeting (EGM) of the Bank’s shareholders on Wednesday, March 26, 2025, through the electronic platform of Muscat Clearing and Depository’s website. Both meetings were presided over by Sheikh Khalid bin Mustahail Al Mashani, Chairman of the Bank’s Board of Directors. During the meeting, shareholders of the Bank elected the Board of Directors for a three-year term (2025-2028).
The Extraordinary General Meeting (EGM) approved the renewal of Meethaq Sukuk program and issuance of RO 500 million (or its equivalent in US Dollar currency) Sukuks in various tranches in the domestic and international markets through public subscription or private placement. The shareholders also approved the issuance of senior unsecured bonds in the local market under a Medium-Term Programme “MTP”. The Bank, within the framework of the proposed MTP, would issue senior, unsecured bonds denominated in OMR or USD in the local market either by a private placement or public offering in compliance with the applicable laws and regulations in Oman.
During the Annual Ordinary General Meeting (AGM), the shareholders of the Bank granted their approval to distribute cash dividends of 16.5 Baisa for each share for the financial year ended 31st December, 2024. They also reviewed the Report of the Board of Directors for the financial year ended 31st December, 2024, the Report on Corporate Governance for the financial year ended 31st December, 2024, and the Auditor’s Report and approval of the Balance Sheet and Profit and Loss Accounts for the financial year ended 31st December, 2024. The shareholders also discussed the report of the Shari’a Supervisory Board of Meethaq, the Islamic Banking window, for the financial year ended 31st December, 2024 and approved the appointment of Shari’a Supervisory Board of Meethaq as well as the appointment of the statutory auditors for the Bank and the external independent Shari’a auditors for Meethaq, for the financial year ended 31st December, 2024.
After the AGM, the Board of Directors held a meeting where Sheikh Khalid bin Mustahail al Mashani was appointed Chairman and Sheikh Ahmed bin Hamed bin Hilal al Sadi was appointed Deputy Chairman.
Speaking on the occasion, Sheikh Khalid bin Mustahail Al Mashani, the Chairman of the Board of Directors of Bank Muscat, expressed his thanks and gratitude to the shareholders, customers and partners for their continuous support and confidence in the Board of Directors and the Bank’s outstanding performance in delivering sustainable banking solutions that meet the evolving needs of customers. He said: “To further consolidate its leadership position in the Sultanate’s banking sector, the Bank is committed to investing in cutting-edge technologies and improving efficiency to offer greater value to our customers. Simultaneously, we prioritize competitiveness and implement best practices and products to cater to diverse segments, ensuring we remain at the forefront of delivering high-quality products and services.”
Bank Muscat has reported a net profit of RO 225.58 mn for the year ended December 31, 2024, compared to the RO 212.45 mn, reflecting a year-on-year growth of 6.2 percent.
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