Bank Muscat to pay 25 pct cash div, 15 pct in convertible bonds

DUBAI Wed Jan 29, 2014 1:10am EST

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DUBAI Jan 29 (Reuters) - Bank Muscat said on Wednesday that its board proposed a cash dividend of 25 percent and an additional 15 percent payout through the issue of mandatory convertible bonds.

The three-year convertible bonds will pay a coupon of 4.5 percent annually and have a conversion price of 20 percent below the three-month average share price at the time of conversion, the Omani lender said in a bourse statement.

The total dividend payout of 40 percent by the largest lender in Oman is the same as in 2012, Reuters data show. (Reporting by Dinesh Nair; Editing by David French)

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