• Oman

    • Bank Dhofar gets approval to increase capital, advances acquisition plans

    By on July 8, 2023
    Bank Dhofar
    Bank Dhofar

    Muscat: Bank Dhofar gets approval to increase capital, advances acquisition plans

    In a disclosure to Muscat Stock Exchange the Company said: “The Annual General Meeting of Bank Dhofar was held on Wednesday 5 July 2023 at 3:00 p.m. at Bank Dhofar Academy — Panorama Mall and through the electronic platform for holding general meetings the following resolutions have resolved in the meeting:

    1. The proposal to increase the Bank’s authorised share capital from OMR 500,000,000 to OMR 750,000,000, and to amend Article 5 of the Articles of Association of the Bank to reflect the same has been approved.

    2. The proposal to increasing the Bank’s issued share capital from OMR 299,635,144 up to a maximum of OMR 470,000,000 (the New Issued Capital), and approve the allocation of the New Issued Capital in favour of the shareholders of Ahli Bank SAOG who have elected to receive shares in the Bank as a result of the takeover (the Takeover) and amending Article 5 of the Articles of Association of the Bank following the completion of the Takeover to reflect the New Issued Capital, and register the same with the Ministry of Commerce, Industry, and Investment Promotion has been approved.

    3. The proposal to authorise the Board of Directors of the Bank and any other person authorised by the Board of Directors to take all actions and do all things necessary to give effect to the resolutions of the EGM outlined above and obtain the required approvals from the relevant authorities in such manner or form as they may in their absolute discretion see fit has been approved.”

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