Sohar International completes RO 149.3m rights issue

Sohar International Bank has completed a rights issue that raised gross proceeds of RO 149.3 million, with the offering fully subscribed, the bank said in a disclosure issued on Monday.
The bank issued 1,058,759,403 shares at a price of 141 baisas per share, comprising a share price of 139 baisas plus issue expenses of 2 baisas per share.
Following the rights issue, Sohar International's paid-up capital stands at RO 849,675,744, divided into 7,676,005,673 ordinary shares.
The bank said the offering being fully subscribed demonstrated strong support from its shareholders and investors, and that successful completion of the issue further strengthens its capital base, positioning it to achieve its strategic objectives.
The disclosure was signed by Abdulwahid bin Mohamed al Murshidi, Chief Executive Officer.
The completion follows regulatory clearance secured a day earlier. In a separate disclosure dated August 2, the bank said it had received the approval of the Financial Services Authority, pursuant to Decision No FSAP-2026/875, for the allotment of the shares issued under the rights issue.
In that filing, the bank told shareholders it had received a high volume of subscription applications, which caused a delay in the allotment and listing of the shares.
The necessary procedures for the listing of the shares on the Muscat Stock Exchange and the updating of the records of Muscat Clearing and Depository SAOC were being completed at the time of the disclosure, the bank added.