MUSCAT: Shareholders have approved an increase in National Bank of Oman’s capital.
Shareholders, at an extraordinary general meeting (EGM), approved the board’s proposal to issue up to US$300mn in additional perpetual Tier-1 capital securities. Interest pricing is to be determined at the time of issue, based on market conditions, a press release said on Monday.
Shareholders also sanctioned increasing the limit of the bank’s existing Euro Medium Term Notes (EMTN) programme from US$600mn to US$1.5bn over the next four years, subject to applicable regulatory approvals.
In 2014, a US$500mn bond issued under the EMTN programme was more than three times oversubscribed following a highly successful international investor roadshow.
Mohammed bin Mahfoudh al Ardhi, chairman of NBO, said, “We thank our shareholders for fully supporting NBO’s strategy to diversify our funding base and maintain a strong capital position. Investors have demonstrated a clear appetite for recent NBO debt issues and we are delighted to have their backing for future increases in our capital base.”
SOURCE: Muscat Daily