MUSCAT, 3 July 2012 – BankMuscat, the flagship financial institution in the Sultanate, is hosting an investor meet at Muscat Securities Market (MSM) today (Wednesday 4 July) to discuss the Bank's Rights Issue. The meeting to be addressed by senior Management Team is open for shareholders, investors, the media and analysts from brokerage and investment companies.
BankMuscat is launching the Rights Issue on 9 July 2012 offering 226.5 million shares at 0.427 baisa per share comprising a Nominal Value of Bzs 100, premium of Bzs 325 and Issue Expense of Bzs 2 per Share). The Rights Issue will be open from 9 July to 23 July with the record date being 2 July. Each existing shareholder as on the record date is entitled to subscribe to 1 new share for every 8 shares held by him / her.
The proceeds of the issue will be utilised by the Bank for financing growth resulting from the credit expansion following general economic growth in Oman. Further, following the decision by CBO to license Islamic banking in Oman in June 2011, the Bank intends to offer Islamic banking services subject to approval from the CBO. Considering the Bank's premier position as a systemically important bank in Oman, the additional capital will also strengthen the capital adequacy and enable readiness for adoption of Basel III when introduced.
BankMuscat pursues a strategic investor relations policy which has significantly enhanced its value. The Bank conducts investor meets regularly to discuss the financial results and business outlook. This helps in building a stronger corporate governance and investor relationship culture in Oman. As always, BankMuscat takes proactive measures to enhance investor relations through such forums and to discuss the performance with investors.