National Bank of Oman, the Gulf state's second-largest lender by assets, is seeking shareholder approval for a $600 million bond programme aiming to tap international bond markets, it said on Sunday.
The $600 million Euro Medium Term Notes (EMTN) programme will allow the lender to issue bonds through public subscription or private placement in different currencies and on varying terms, NBO said in a statement to Muscat bourse.
"The total amount of bonds outstanding, as part of the program shall not exceed at any point of time USD 600 million," it said. Last month, shareholders of Bank Muscat, Oman's largest lender by market value, approved a new $800 million bond programme.
NBO will also consider a cash dividend payout of 15 percent for 2010, it said. The company reported a 16 percent drop in fourth-quarter net profit earlier in the year. Shares of the lender dropped 0.6 percent on the Muscat bourse even as the broader index rose 0.9 percent at 0705GMT.
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