| BankMuscat’s 97m-rial rights issue opens |
MUSCAT BankMuscat on Monday launched its rights issue to raise 96.7 million rials to boost its tier 1 capital. The bank is offering 226.5 million shares at 0.427 baisas per share comprising a nominal value of 100 baisas, premium of 325 baisas and issue expense of 2 baisas per share.
Existing shareholders are entitled to subscribe to one share for every 8 shares held. BankMuscat is the subscription bank and Gulf Baader Capital Markets is the issue manager of the rights issue.
The proceeds of the issue will be utilised for financing the bank’s growth plans; capitalising Islamic banking business and enhancing capital adequacy ratio to enable readiness for adoption of Basel III when introduced.
At present, the bank’s authorised share capital stands at 250 million rials, consisting of 2,500,000,000 shares. Of this, 1,812,009,497 shares have been issued and fully paid-up. Following the rights issue, the issued and paid-up capital will be 2,038,510,684 shares with a nominal value of 100 baisas each.
The trading of rights started on July 8 and will end on July 15. Application forms of the rights will be available at the subscription bank.
In addition to eligible shares, each shareholder as on the record date is given the option to subscribe to additional shares adding up to the maximum of the issue size. Investors who purchase the rights on Muscat Securities Market (MSM) before the end of the trading period are eligible for subscribing to the rights issue, but not for additional shares.
Shareholders are required to refer to the risk factors and mitigates in the prospectus for details.
The shares offered in the rights issue will be listed and traded on MSM.
Oman News Agency
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