Bank Muscat To Pay 25% Cash Dividend, 15% In Bonds, 5% Bonus Shares

Bank Muscat said on Thursday that its board proposed a cash dividend of 25 per cent, an additional 15 per cent payout through the issue of mandatory convertible bonds and a 5 per cent bonus share issue.

The three-year convertible bonds will pay a coupon of 3.5 per cent annually and have a conversion price of 20 per cent below the three-month average share price at the time of conversion, the Omani lender said in a bourse statement.

The bonus shares will be paid out in the proportion of one share for every 20 ordinary shares held, the lender said.

Oman’s largest lender proposed 25 per cent in cash dividend for 2013, with an additional 15 per cent payout through mandatory convertible bonds, according to Reuters data.