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Bank Dhofar mulls 12.5pc cash dividend

Muscat, January 25, 2011

Oman's Bank Dhofar proposed a cash dividend of 12.5 per cent amounting to 10.17 million rials ($26.41 million), the company said in a statement on Tuesday.

The board also approved a bonus share issue of 12.5 percent amounting to 101.7 million shares at 0.1 rial per share. Bank Dhofar will present shareholders with the dividend proposal at its annual general meeting in March.    

The company reported a two-fold increase in fourth quarter earnings on Jan. 12, but missed analysts expectations

Bank Dhofar, like other banks in the sultanate, is expected to benefit from Oman's plans to spend 30 billion rials ($77.2 billion) in a new five-year economic initiative.-Reuters




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