Oman’s Sohar International has raised 130 million Omani rials ($336.7 million) in its new rights issue, which is the largest this year on the Muscat Stock Exchange (MSX).

Launched in November 2024, the issuance drew interest from government and private institutions, as well as family offices and individual investors, the Omani bank said. The allotted rights were listed on Muscat’s local bourse last December 2.

The proceeds of the offering will be used to fund growth, support initiatives and create more products and services.

Meanwhile, Fitch Ratings on Monday revised the bank’s outlook to “positive” from “stable”, while affirming its long-term issuer default ratings at “BB”.

The ratings agency noted that the bank has improved its business profile, following its merger with HSBC Bank Oman SAOG last year, expanded deposit franchise, adequate capitalisation and stabilising asset quality.

(Writing by Cleofe Maceda; editing by Brinda Darasha)