Bank Muscat $251m rights issue covered
Muscat, August 6, 2012
Bank Muscat, Oman's largest lender by market value, saw its 96.7 million rials ($251.2 million) rights issue 127.5 percent covered by investors, the bank said in a bourse filing on Monday.
The lender received bids worth 123.3 million rials from 1,675 investors for the share sale, which took place between July 9-23 and was used to raise capital to fund credit growth and its upcoming venture into Islamic finance.
The issue consisted of 226.5 million shares offered at 0.427 rials per share, around a 25-percent discount to the share price when the deal was announced at the end of June.
Shares in Bank Muscat closed on Sunday up 0.2 percent at 0.53 rials, down 17.8 percent year-to-date.
Following the rights issue, the issued and paid-up capital will be 2,038,510,684 shares with a nominal value of 0.1 rials each, the statement said.
Bank Muscat said in December it would open an Islamic banking window after regulatory changes in the sultanate permitted sharia-compliant finance for the first time.
Bank Muscat posted a 19-percent increase in second-quarter net profit last month, helped by strong lending growth in the first half of the year. - Reuters
More Finance & Capital Market Stories
- Bank Nizwa wins top Islamic bank award
- Qatar labour costs may jump: IMF
- Kuwait Q3 trade surplus hits $23bn
- Dubai non-oil trade soars to $362bn in 2013
- Deloitte appoints new managing director
- Al Ramz tops UAE trading in Feb
- IFC in $150m loan deal with Bank Audi
- SME funding focus for Abu Dhabi forum
- Insurance House posts second year of profit
- ETF global assets hit record $2.44 trillion
- Bahrain firms plan IPOs
- Serbia wins $1bn Abu Dhabi loan
- Key equity banker resigns from Saudi Fransi
- DMCC to boost Islamic commodity trade with tie-ups
- IDB, KIA units to invest in Morocco
- First Gulf to set up $1bn sukuk in Malaysia
- Singapore’s UOB Bullion and Futures joins DGCX
- Infrastructure investment ‘key to growth’
- BKIC declares 30pc dividend
- StanChart profit falls 16pc in 2013
- Veteran Saudi banker to head AMF
- Dubai World prepays $284m to creditors
- EFG-Hermes sells Damas stake to Mannai
- Ultra rich number to grow 35pc in Mideast
- Saudi IPO market 'set for big year'
- RAK 'exploring' ceramics unit stake sale
- Bahrain Bourse wins key UK award
- Alba backs Euromoney forum
- URC bond rating upgraded to stable outlook
- GCC urged to set up onshore financial centres