Sohar International Bank has announced the successful completion of its OMR149.3 million ($388.3 million) rights issue.

The issue of 1,058,759,403 ordinary shares, attracted a total subscription of OMR182,408,592.29, covering the issuance size by 1.22 times. 

The rights issue was fully subscribed, reflecting the strong confidence of the bank’s shareholders in its strategic direction, financial strength, and long-term growth ambitions, the bank said. 

With a take-up rate of 95.5% among eligible shareholders, the residual pool of unsubscribed shares was oversubscribed by 9 times, demonstrating robust investor demand and reaffirming market confidence in the bank’s strategy and future outlook, it said.

Abdulwahid Mohamed Al Murshidi, Chief Executive Officer of Sohar International, said: “The successful completion of this rights issue represents another important milestone in Sohar International’s growth journey and reflects the strong confidence our shareholders continue to place in the Bank’s strategy, leadership, and long-term vision. Their support reinforces our ability to execute our strategic priorities while creating sustainable value for all stakeholders.”

He further added: “This enhanced capital base further strengthens our financial position, providing greater flexibility to pursue growth opportunities, deepen our market presence, invest in innovation, and continue delivering differentiated financial solutions that meet the evolving needs of our customers across Oman and our international markets.”

The successful capital raise further enhances Sohar International's capital position, reinforcing the Bank's resilience and providing additional capacity to support sustainable business growth. It also strengthens the bank's ability to accelerate strategic initiatives, expand its product and service offerings, and capture new opportunities across its priority markets while continuing to deliver long-term value for customers, shareholders, and the wider economy.

Following the completion of the rights issue, the bank's paid-up capital has increased to OMR849,675,744, divided into 7,676,005,673 ordinary shares. The rights issue was offered at an issue price of 141 baisa per share, comprising 139 baisa as the share price and 2 baisa towards issue expenses. - TradeArabia News Service