Mubasher: The extraordinary general meeting (EGM) of Ahli Bank has approved the issue of perpetual bonds (Additional Tier 1) through a rights issue.

The bonds totalling OMR 50 million will have a par value of OMR 1 per share, and 5 baisas per share as issue expenses, the bank said in a statement to the Muscat Securities Market (MSM) on Sunday.

The bank’s net profit amounted to OMR 5.2 million in the first quarter of 2017, compared to OMR 7 million in the same quarter in 2016, registering a 25.7% decline.

Ahli Bank previously posted a 6.86% increase in annual profits to reach OMR 29.6 million in 2016, compared to OMR 27.7 million in 2015.