RO40mn rights issue of Sohar International oversubscribed
Supported by an overwhelming response from shareholders, Sohar International on Tuesday announced the successful closure of its rights issue with an oversubscription, raising its tier-1 capital by RO40mn.
The increased paid-up capital is well in line with the bank’s growth strategy and its vision in becoming a world-leading Omani service company, according to a press statement issued by Sohar International.
The rights issuance saw a varied base of investor participation, including government, quasi government agencies, large corporates, insurance companies, high net worth individuals and family offices.
Ahmed al Musalmi, chief executive officer of Sohar International, said, “The move to increase our capital was part of the on-going five-year strategy that had been carefully crafted in year 2018 and put into effectiveness in 2019. The bolster to our capital will further strengthen our strong base and our capital adequacy ratios, which are already above regulatory requirements.”
In December 2018, Sohar International’s board of directors had authorised a capital increase through a rights issue. The issue closed on July 21 after receiving funds worth more than RO40mn.