Bank Muscat plans $260m rights issue

Muscat, December 22, 2011

Oman's Bank Muscat, the sultanate's largest bank by assets, will launch a rights issue in the second quarter of 2012, subject to regulatory approval, the bank said in a bourse statement on Thursday.

The 100 million Omani rials ($259.7 million) rights issue will see shares offered at a 20-percent discount to market price, the statement said, although it added that further details about the offering would be published once it had got the regulator's sign-off.

Standard & Poor's raised its long-term rating on Bank Muscat to A- from BBB+ last week, citing "its strong business position, strong capital and earnings, moderate risk position, average funding, and adequate liquidity."  - Reuters

Tags: banking | Bank Muscat | asset | rights issue |