Oman’s Sohar International Bank has revised the subscription period on its OR132.08m (US$343m) rights issue to take into account Oman National Day holidays that have been declared for November 20–21.

Sohar is offering 1.04bn new shares on a roughly 1-for-5.36 basis at OR0.127.

Proceeds will increase the bank's Tier 1 capital to enable growth. For the nine months to September 30, the bank’s profit increased 67% to OR76.2m and shares were up more than 42% this year as of Monday’s OR0.135 close. Share were unchanged on Tuesday.

Sohar’s board agreed the capital raise on September 10 and secured regulatory approval on October 28.

Subscription was scheduled to run November 14–20 and has been extended to November 24. Rights trading remains the same from November 11–17. Rights closed at OR0.007 on Tuesday.

The bank is running the offer itself.

Sohar previously raised OR163.2m in a September 2022 rights issue.

Source: IFR