Annual & Extraordinary General Meeting Resolutions

RESOLUTIONS

Extraordinary General Meeting of the Shareholders of bank muscat held on Monday, 25^th March, 2019:

1.      Approved the renewal of Euro Medium Term Note (EMTN) programme (as approved at the extraordinary general meeting held by the Bank on 19^th March, 2014) amounting to US$ 2 billion.

2.        Approved the renewal of the authorized capital of the Bank amounting to RO. 350,000,000/- at a nominal value of 100 Baiza per share in accordance with the provisions of article (82) of the Commercial Companies Law no. (4/1974) and its amendment.

Annual Ordinary General Meeting of the Shareholders of bank muscat held on Monday, 25^th March, 2019:

1.       Considered and approved the Report of the Board of Directors for the financial year ended 31^st December, 2018.

2.       Considered and approved the Report on Corporate Governance for the financial year ended 31^st December, 2018.

3.       Considered and approved the Board and its Committees Appraisal and Evaluation for the financial year ended 31^st December, 2018.

4.       Considered the Auditor's Report and approval of the Balance Sheet and Profit and Loss Accounts for the financial year ended 31^st December, 2018. 

5.       Considered the report of the Shari'a Supervisory Board of Meethaq, the Islamic Banking window, for the financial year ended 31^st December, 2018.

6.       Considered and approved the recommendation to distribute cash dividend at the rate of (35%) of the issued share capital of the Bank (being 35 Baiza cash dividend for each share of a nominal value of 100 Baiza) for the financial year ended 31^st December, 2018. 

7.       Considered and approved the recommendation to distribute stock dividend at the rate of (5%) per share of the issued share capital of the Bank (being 5 bonus shares for each 100 shares) for the financial year ended 31^st December, 2018.  The approval of the distribution of the bonus shares will result in the increase of the issued share capital of the Bank from (2,947,412,735) shares to (3,094,783,371) shares of a nominal value of (100) Baiza each.

8.       Considered and ratified the sitting fees for the Board of Directors and its committees' meetings for the financial year ended 31^st December, 2018 and fixing sitting fees for (2019).

9.       Considered and approved the Board of Directors' remuneration of RO. 114,725/- for the financial year ended 31^st December, 2018. 

10.     Considered a Report on Related Party Transactions for transactions concluded during the financial year ended 31^st December, 2018.

11.     Considered and approved the recommendation to renew lease agreements for three branch premises from related parties for the period of 1^st January, 2020 to 31^st December, 2024, on yearly renewable lease agreements at the same rental amounts in addition to any increase at the applicable market rates, subject to the requirements of the Bank.

12.     Approved appointment of Shari'a Supervisory Board of Meethaq, the Islamic banking window and fixing their sitting fees and remunerations.

13.     Approved the appointment of 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 2019 and fixing their fees, subject to the applicable regulatory.

14.     The annual ordinary general meeting of the shareholders of the Bank has uncontestedly elected the Board of Directors for a new term of office (2019-2022), subject to the regulatory approvals. The names of the elected members of the Board of Directors are as follows:

Ayman Ambusaidi

Secretary to the Board of Directors