Muscat: Demonstrating strong Investor confidence, Sohar International has successfully concluded its 2024 rights issue, raising OMR 130 million, further strengthening its capital base to support future growth initiatives. The Issuance marks one of the largest Rights issues in 2024 on the Muscat Stock Exchange (MSX).

The capital raise showcases Sohar International’s dedication to growth with excellence, aligning with Oman’s Vision 2040 by promoting sustainable development and empowering businesses, individuals, and communities. The proceeds from the rights issue will primarily be utilized to enhance capital buffers, fuel strategic initiatives and expand product and service offerings, particularly in sectors crucial to Oman’s economic development. This move aligns with banks commitment to deliver sustainable value to both shareholders and the broader economy.

Commenting on the successful completion of the rights issue, Mr. Ahmed Al Musalmi, Chief Executive Officer of Sohar International, remarked, “This milestone marks a pivotal moment in our journey, reaffirming our resolve to fortify our financial foundation. The trust our shareholders have shown is a clear endorsement of their steadfast belief in our strategy and future direction. This achievement not only strengthens our capital base, ensuring resilience against future economic uncertainties, but also provides the vital resources necessary to accelerate our growth trajectory. The funds raised will power our ongoing business development, fuelling the execution of our transformation agenda, which is closely aligned with the evolving banking landscape and our enduring vision.”

Sohar International Bank’s 2024 Rights Issue launched in November 2024, attracted a broader and diverse investor base, including Government and Private institutions, Family Offices and Individuals. The overwhelming support from our shareholders reflects their belief in our growth strategy and commitment to deliver sustainable value. Participation in the Rights Issue recorded a remarkable 65% increase in the number of investors compared to the previous Rights issuance in 2022. The success of the Issuance is a testament of the strong fundamentals of the bank and the unwavering confidence of Sohar International Shareholders despite challenging market conditions.

Following the launch, the allotted rights were then successfully listed on Muscat Stock Exchange (MSX) on 2nd December 2024. Together with the support of the Muscat Clearing & Depository (MCD) and the Muscat Stock Exchange (MSX), the issuance was also governed by the Central Bank of Oman (CBO) and the Financial Services Authority (FSA).

Al Musalmi continued his remarks, “As a forward-thinking institution, we remain focused on making a meaningful difference for our customers by offering value-driven solutions that truly meet their needs. We will continue to drive sector-wide innovation through strategic investments in cutting-edge technologies, enabling us to provide integrated, adaptive solutions that are responsive to the dynamic shifts in the market. This success is a testament to the collective dedication of our team and reinforces our commitment to building a sustainable, future-ready institution that is both competitive and agile amidst an ever-changing financial landscape."

The successful large capital raise from underscores Sohar International’s ability to attract capital and deliver on its vision to become a world-leading Omani service company that helps customers, communities, and people to prosper and grow.

About Sohar International

With the vision to become a world-class Omani services company that helps customers, community and people to prosper and grow, Sohar International operates with a purpose to help people 'win' by delivering responsive banking for their ever-changing world, complementing their growth and prosperity with international standard service delivery. The Bank seeks to redefine banking in Oman through transformational developments centred on the principles of More Velocity, making everything simple and fast; More Value, ensuring relevance and connectivity to customers’ world; and More Vision, liberating stakeholders through talented leadership. www.soharinternational.com