Bank Muscat calls EGM to approve RO500mn Meethaq Sukuk Program

March 09, 2020

Bank Muscat is seeking its shareholders approval for the renewal of Meethaq Sukuk Program of up to RO500mn at an extraordinary general meeting (EGM) later this month. 

The bank has invited all its shareholders for the EGM and annual ordinary general meeting to be convened on March 24 at its head office. In a disclosure to the Muscat Securities Market on Sunday, Bank Muscat said the EGM will consider and decide ‘to approve the renewal of Meethaq Sukuk Program (as approved at an EGM held by the bank on March 18, 2015) of up to RO500mn for the issuance of sukuk in various tranches in the domestic and international markets through public subscription or private placement’.

The sukuk tranches under Meethaq Sukuk Program will be of different amounts, maturities, profit rates, issued on different dates with varying terms and conditions of subscription. The bank said that the total amount of sukuk issued under Meethaq Sukuk Program shall not exceed RO500mn (or its equivalent in US dollar).

All sukuk will be issued within five years from the date of the EGM approving the renewal of Meethaq Sukuk Program. ‘Each new sukuk issue shall be available for subscription only on obtaining the relevant requisite regulatory and sharia’a approvals,’ Bank Muscat said. Oman’s largest financial services provider informed that if the quorum of the shareholders meeting is not met on March 24, then a second meeting will be convened on March 31.

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