Oman Arab Bank to float 25pc shares
Muscat, August 29, 2011
Oman Arab Bank (OAB) has been cleared to float 25 per cent of its capital on the local bourse, its chief executive said on Monday.
Oman allows companies to float a minimum 40 per cent of their capital on the Muscat Securities Market so OAB had to get government approval for an IPO of 25 per cent of its shares.
'Soon we are going to appoint a financial advisor to determine the offer price. That will happen soon and the issue will be floated for subscription either by the end of the year or the beginning of next year,' OAB chief executive Abdulkader Askalan told Reuters.
Oman Arab Bank is 51 per cent-owned by local firm Ominvest, with the balance held by Bahrain's Arab Bank.
Yahya al-Jabri, Capital Market Authority's executive president, told Reuters Oman was considering revising the law so all companies can float 25 per cent of their capital, to encourage more family firms to list.-Reuters