BankMuscat approves 40% dividend

BankMuscat shareholders on Monday approved a 40 per cent dividend, including 25 per cent cash and 15 per cent stock, for the financial year ended December 31, 2010, at the annual general meeting (AGM) held at the bank's headquarters.

The bank achieved a net profit of 101.6 million Omani riyals (Dh969.38 million) in 2010 against 73.7 million riyals reported in 2009, an increase of 37.8 per cent.

The AGM approved the report of the board of directors; report on corporate governance; auditor's report, balance sheet and profit and loss accounts for the financial year ended December 31, 2010. The meeting also approved related parties transactions concluded during 2010; appointment of auditors for the financial year 2011 and leasing of two branch premises from related parties.

Sharjah Islamic Bank

Sharjah Islamic Bank (SIB) has been named Compliance Innovator in Islamic Banking at the second Annual GCC Compliance Awards, organised by Thomson Reuters Governance, Risk and Compliance business.

The award was presented to bank CEO Mohammad Abdullah by Thomson Reuters Governance, Risk and Compliance Managing Director Middle East and Asia, Leas Bachatene, and Director of Sales Mark Freeman last Wednesday at the bank's offices in Sharjah.

CMA, OECD, BDI

The Capital Market Authority of Saudi Arabia (CMA), the Organisation for Economic Cooperation and Development (OECD) and the GCC Board Directors Institute (BDI) will conduct a workshop on contemporary issues and solutions relating to corporate governance and effective board directorship for institutional investors.

The workshop will be held at the CMA's premises in Riyadh today and tomorrow.

Kingdom Holding

Saudi's Kingdom Holding said yesterday that it still intends to acquire, along with Bahrain's Batelco, the Saudi operations of Kuwait-based Zain Group.

"We are continuing to execute our joint offer from Kingdom Holding and Batelco Group," Prince Al Waleed Bin Talal, who runs Kingdom Holding, said in an e-mailed statement. Last week Zain said Kingdom and Batelco had agreed on the terms to buy its 25 per cent stake in its Saudi operations for $950 million.

Etisalat on Saturday scrapped its Zain stake purchase plans.