MUSCAT, OCT 19
Ubar Hotels & Resorts SAOG has secured Financial Services Authority approval for a rights issue that will add RO 2.5 million to its share capital.
The hospitality company will offer 25 million new shares at 102 baisa each, comprising a nominal value of 100 baisa and 2 baisa to cover issue expenses. Total subscriptions would amount to RO 2.55 million if the issue is fully taken up.
The approval follows a board resolution announced on August 17 to raise capital through a rights issue. The prospectus will be published on the Muscat Stock Exchange website.
Shareholders registered with Muscat Clearing and Depository on October 26 will be entitled to participate. Investors who acquire rights on the exchange during the trading period will also be eligible to subscribe.
Shareholders can take up their entitlements or sell all or part of their rights. Any rights neither exercised nor sold within the prescribed periods will lapse.
Under the indicative timetable, rights trading will take place on November 3 and 4, while subscriptions will remain open from November 3 to 8.
Allotment is scheduled for November 10, followed by refunds of excess subscription money on November 15. The new shares are expected to begin trading on November 19.
The company said the timetable could change depending on regulatory approvals and market conditions.
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