OAB plans to raise RO50m in bonds: Times of Oman

Oman Arab Bank (OAB), the only non-listed bank in Oman, is planning to raise RO50 million by privately placing unsecured non-convertible bonds.

The shareholders have cleared the proposal at an extra ordinary meeting, the bank said in a statement. The issue price of the bond is fixed at RO1.002, which include two baisas as issue expense.

The EGM also authorised the board of directors and the CEO of the bank to finalise the conditions of the bonds issue, to complete the regulatory requirements, and to sign the prospectus and other related documents. The shareholders approved a proposal to distribute 12 per cent cash dividend and 6 per cent bonus shares. It also approved a proposal to issue preferential shares at the rate of 10 per cent.

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