Oman's United Finance Company said on Saturday it plans to raise its capital by 20 per cent to RO23.48 million ($60.99 million) through a rights issue to fund expansion.

'Our capital now is RO19.562 million and the new capital after the rights issue will be RO23.475 million. The extra fund will be used to expand our business,' KT Ramasami, a company manager said.

The company plans to issue 39,124,177 shares at 150 baisas each in a process that opens on Saturday and closes on May 24, he said.

There are 1,000 biasas in a rial. The company made a net profit of RO1.37 million in the three months ended March 31, compared to 503,689 in the same period a year earlier.-Reuters