BUSINESS REPORTER
MUSCAT, OCT 9
Receiving an overwhelming response from investors, Sohar International has announced a fully subscribed rights issue of RO 160 million. The funds raised will contribute to enhancing the bank’s capital base in order to meet the bank’s ambitious strategic growth objectives.
Sohar International issued RO 160 million in new shares through rights issue at 0.102 bz per share (0.002 bz being cost of issuance) starting on September 12, 2022. The issuance was fully subscribed with strong investor appetite across government and corporate institutions, family offices, and retail.
Commenting on Sohar International’s consistent growth trajectory, Ahmed al Musalmi, CEO of Sohar International, said, “The fully subscribed rights issue is a strong testament to the bank’s capacity in attracting and raising adequate capital. This is because Sohar International has not just demonstrated utmost resilience in times of uncertainty but has remained consistent in recording exceptional performance across all its operations.
Committed to acting as a catalyst for socio-economic progress and strongly aligned to Oman Vision 2040, the bank has also earned strong goodwill in the market because of its ground-breaking initiatives that have led to transformational change in the sector.”
He added: “We are indeed grateful for the unfaltering trust our shareholders have bestowed on us.
We would also like to thank the Central Bank of Oman and the Capital market Authority for their consistent support as we achieve yet another milestone in our journey. The increase in capital base will further enhance the bank’s position and help leverage market opportunities and expand horizons while contributing to the country’s progress.”
The bank’s Extraordinary General Meeting (EGM) held in August 2022 has approved the increase of the authorised share capital of the bank from RO 400 million to RO 1 billion while amending Article 5 of the Articles of Association accordingly.
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