DUBAI Aug 6 Bank Muscat, Oman's
largest lender by market value, saw its 96.7 million rials
($251.2 million) rights issue 127.5 percent covered by
investors, the bank said in a bourse filing on Monday.
The lender received bids worth 123.3 million rials from
1,675 investors for the share sale, which took place between
July 9-23 and was used to raise capital to fund credit growth
and its upcoming venture into Islamic finance.
The issue consisted of 226.5 million shares offered at 0.427
rials per share, around a 25-percent discount to the share price
when the deal was announced at the end of June.
Shares in Bank Muscat closed on Sunday up 0.2 percent at
0.53 rials, down 17.8 percent year-to-date.
Following the rights issue, the issued and paid-up capital
will be 2,038,510,684 shares with a nominal value of 0.1 rials
each, the statement said.
Bank Muscat said in December it would open an Islamic
banking window after regulatory changes in the sultanate
permitted sharia-compliant finance for the first time.
Bank Muscat posted a 19-percent increase in second-quarter
net profit last month, helped by strong lending growth in the
first half of the year.
($1 = 0.3850 Omani rials)
(Reporting by David French; Editing by Amran Abocar)