Oman's new bank to launch IPO next year
Muscat, October 24, 2010
Oman's Al Izz International Bank, a lender under formation in the sultanate, plans to launch an initial public offering (IPO) in the third-quarter of 2011, its spokesman said on Sunday.
The new financial institution, which got the central bank's nod in September, will have a capital of 100 million rials ($259.7 million) and expects to begin operations after the IPO issue.
"The IPO of Izz International Bank will raise 40 percent of the capital and the rest will be raised by the local shareholders," the spokesman told Reuters.
Al Izz will be the seventh locally incorporated bank to trade in the local bourse and so far the only IPO sale planned for next year. Bank Muscat is currently the largest lender in the country by market value.
Nawras Telecommunications Co, part of Qatar's Qtel, is the only IPO issue this year.
In a separate statement on Sunday, Nawras said its IPO was fully subscribed and the shares would list on the Muscat bourse in early November. - Reuters
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