Oman Arab Bank, the banking arm of Oman International Development and Investment (Ominvest)  has approved an initial public offering of 25 percent of its share capital.

In a statement to the stock exchange, Ominvest said that 290 million shares would be offered in the IPO.

Of these, 243.6 million shares, or 21 percent of the company's share capital, will be offered by Ominvest. The remaining 4 percent will be sold by Jordan-based Arab Bank, which owns 49 percent of Oman Arab Bank.

Ominvest shares are down 0.5 percent so far this year, after ending 2011 2.6 percent higher. - Reuters