7. Details of non-compliance by the Bank
No penalties were levied on the Bank by the MSM, CMA or any statutory authority
on any matter related to capital markets during the last three years.
8. Means of communication
| 8.1 |
Half-yearly
results sent to shareholders |
The half yearly results
are published in two
leading newspapers in Arabic & English. Any
shareholder who wishes to have a copy of the
financial results can obtain it from either the
Muscat Securities Market (MSM) or directly from
the Bank. The results are also posted on the
Bank's website. |
| 8.2 |
Name of the web-site
where posted |
www.bankmuscat.com |
| 8.3 |
Whether the website of
the company displays official news releases |
Yes |
| 8.4 |
Presentations made to
institutional investors or
to the analysts |
Yes, every quarter
presentations on the financial results are made to analysts, stockbrokers
and
press. |
| 8.5 |
Whether MD&A is a part
of the Annual Report |
Yes |
9. Market price data
9.1 Share price movements
High/Low during each month in the last financial year as compared to the broad
based index of the banking
sector in the MSM.
| |
Bank
Muscat shares |
MSM index |
|
Month |
High |
Low |
High |
Low |
| Jan'02
|
2.200 |
1.800 |
162.879 |
152.405 |
| Feb'02
|
2.130
|
1.950 |
160.093
|
157.290 |
| Mar'02 |
2.250 |
1.850 |
165.733 |
157.126 |
| Apr'02
|
2.730 |
2.220 |
172.575 |
165.810 |
| May'02
|
3.350
|
2.650
|
183.224
|
167.475 |
| Jun'02
|
3.630
|
3.280 |
186.817
|
182.445 |
| Jul'02
|
3.650
|
3.490 |
189.859
|
184.806 |
| Aug'02
|
3.500
|
3.400
|
187.546 |
183.063 |
| Sep'02
|
3.560
|
3.450
|
185.309
|
179.416 |
| Oct'02
|
3.640
|
3.450 |
181.594
|
178.709 |
| Nov'02
|
3.640
|
3.510
|
186.972
|
179.943 |
| Dec'02
|
3.820
|
3.760
|
193.373
|
188.407 |
9.2 Distribution of shareholding
| Shareholder
|
% Shareholding |
| Royal
Court Affairs
|
24.42% |
| Sheikh Mustahail
Ahmed Al Mashani Group
|
15.20% |
| Societe
Generale |
11.15% |
| Civil Services Pension
Fund |
5.54% |
| Others (individual
holding less than 5%) |
43.69% |
9.3 Outstanding GDRs/ADRs/Warrants or any
Convertible instruments
Pursuant to the merger agreement with the shareholders of the erstwhile
Industrial Bank of Oman, the Bank has issued convertible bonds in the amount of
RO 27,100,000. The Bonds have a maturity of a minimum of two years and the
conversion date of the convertible bonds shall be no later than April 30, 2004
or within 21 days after the record date of the final dividend payment in respect
of Bank Muscat shares for the year ending December 31, 2003 whichever is
earlier.
10. Specific areas of non-compliance with the provisions of Corporate Governance
and reasons
None
11. Professional Profile of the Statutory
Auditor
The Bank's statutory auditors are Ernst & Young and are appointed by the
shareholders at the Annual General Meeting. The current auditors were
appointed on April 29, 2002 and are eligible for re-appointment at the Annual
General Meeting of the shareholders for the year ended December 31, 2002 to be
held on April 23, 2003.
Ernst & Young is one of the longest established
accounting firms having had a permanent office in Oman since 1974. The Oman
office forms part of Ernst & Young's Middle East practice, with 93 partners and
nearly 1800 professionals in 16 offices throughout the region. The Middle East
practice is a member firm of Ernst & Young Global, operating in more than 130
countries with approximately 110,000 personnel worldwide.
|
