Dubai Group, the investment vehicle owned by the emirate's ruler and second-largest shareholder in Bank Muscat, has sold its rights to buy into a share offering by the Omani lender at a significant discount, two sources said on Sunday.
Bank Muscat, Oman's largest lender, offered new shares to existing holders at a 25-percent discount to raise about $251 million to fund its credit growth and venture into Islamic finance.
Dubai Group, in the midst of a $10-billion debt restructuring, had the rights to buy an additional 33.387 million shares, valued at about 0.06 rials ($0.16).
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