Bank Sohar, the youngest Omani bank that was aggressive in expanding business and branch network, is planning to float its RO10 million rights issue next month, if everything goes as per the plan.
The rights issue will take the bank's paid up capital to RO110 million, from RO100 million now. The shares will be offered at a price of 102 baisas, which include two baisas per share to cover expenses. The rights entitlement is on a 10:1 ratio and the proceeds of the issue will be used for raising the required minimum capital for setting up an Islamic banking window, in line with the requirements of the Central Bank of Oman (CBO).
Oman Arab Bank is the issue manager of the rights offer.
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