EGM and AGM Resolutions

RESOLUTIONS

Extraordinary General Meeting of the Shareholders of bank muscat held on Tuesday, 23^rd March, 2021:

1.    Approved the proposed increase of the authorized share capital of the Bank from RO. 350,000,000/- to RO. 450,000,000/- and amend the Articles of Association accordingly.

Annual Ordinary General Meeting of the Shareholders of bank muscat held on Tuesday, 23^rd March, 2021:

1.       Considered and approved the Report of the Board of Directors for the financial year ended 31^st December, 2020.

2.       Considered and approved the Report on Corporate Governance for the financial year ended 31^st December, 2020.

3.       Considered the Auditor's Report and approved the Balance Sheet and Profit and Loss Accounts for the financial year ended 31^st December, 2020. 

4.       Considered the report of the Shari'a Supervisory Board of Meethaq, the Islamic Banking window, for the financial year ended 31^st December, 2020.

5.       Considered and approved the recommendation to distribute cash dividend of 25 Baiza for each share for the financial year ended 31^st December, 2020. 

6.       Considered and approved the recommendation to distribute stock dividend at the rate of (10%) per share of the issued share capital of the Bank (being 10 bonus shares for each 100 shares) for the financial year ended 31^st December, 2020.  The approval of the distribution of the bonus shares will result in the increase of the issued share capital of the Bank from (3,249,522,539) shares to (3,574,474,792) shares of a nominal value of (100) Baiza each.

7.       Considered and ratified the sitting fees for the Board of Directors and its committees' meetings for the financial year ended 31^st December, 2020 and fixing sitting fees for the current financial year.

8.       Considered and approved the Board of Directors' remuneration of RO. 150,000/- for the financial year ended 31^st December, 2020. 

9.       Considered the Report on Related Party Transactions for transactions concluded during the financial year ended 31^st December, 2020.

10.     Considered and approved the Related Party Transactions that will be concluded during the financial year ending 31^st December, 2021.

11.     Approved the appointment of Ernst & Young the statutory auditors for the Bank and the external independent Sharia auditors for Meethaq, the Islamic banking window of the Bank, for the financial year ending 31^st December, 2021 and fixing their fees, subject to the applicable regulatory approvals.

Secretary to the Board of Directors