Bank Muscat, Oman's largest bank by market value, is planning to raise 96.7 million rials ($251.17 million) from selling shares to existing holders, as the lender seeks to fund its credit growth and venture into Islamic finance.
Bank Muscat, in which Dubai Financial Group has a 14.7 percent stake, is offering 226.5 million shares at 0.427 rials per share as part of the issue, a document from the lender seen by Reuters showed.
Proceeds from the sale will be used to fund the bank's credit expansion and future foray into Islamic finance, the document said.
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