Sohar International successfully raises OMR 160mln through largest domestic rights issue

Sohar International successfully raises OMR 160mln through largest domestic rights issue

Muscat: Receiving an overwhelming response from investors, Sohar International has announced a fully subscribed rights issue of OMR 160 million. The funds raised will contribute to enhancing the bank’s capital base in order to meet the bank’s ambitious strategic growth objectives. Sohar International issued OMR 160 million in new shares through rights issue at 0.102 bz per share (0.002 bz being cost of issuance) starting on 12 September 2022. The issuance was fully subscribed with strong investor appetite across government and corporate institutions, family offices, and retail.

Commenting on Sohar International’s consistent growth trajectory, Mr. Ahmed Al Musalmi, Chief Executive Officer of Sohar International, said, “The fully subscribed rights issue is a strong testament to the bank’s capacity in attracting and raising adequate capital. This is because Sohar International has not just demonstrated utmost resilience in times of uncertainty but has remained consistent in recording exceptional performance across all its operations. Committed to acting as a catalyst for socio-economic progress and strongly aligned to Oman Vision 2040, the bank has also earned strong goodwill in the market because of its ground-breaking initiatives that have led to transformational change in the sector.”

Mr. Ahmed Al Musalmi added saying, “We are indeed grateful for