MUSCAT, 16 July 2012 – BankMuscat, the flagship financial institution in the Sultanate, has advanced the closure of its rights issue by a day to 22 July in view of the official Renaissance day holiday on 23 July.
The rights issue opened for subscription on 9 July to raise RO 96.7 million aimed at enhancing Tier 1 capital. The Bank is 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.
With the record date being 2 July, each existing shareholder is entitled to subscribe to 1 new share for every 8 shares held by him / her. 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 by the Bank for financing growth resulting from the credit expansion following general economic growth in Oman; capitalising Islamic banking business and enhancing capital adequacy ratio to enable readiness for adoption of Basel III when introduced.
Presently, the Bank's authorised share capital stands at RO 250 million, consisting of 2,500,000,000 (Two billion five hundred million) 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 Bzs 100 each.