Sohar International
BKSB
BKSB
The Sultanate’s Bank Sohar has announced that the Bank’s Board of Directors has decided to proceed with the issuance of ordinary equity shares on a rights basis to existing shareholders of the Bank.
In its statement to the Muscat Securities Market (MSM), Bank Sohar highlighted that the issuance will amount to OMR 40 million, subject to regulatory approvals.
This issuance comes instead of the OMR 70 million of Compulsorily Convertible Bonds (CCBs) on a Private Placement Basis approved by the Bank’s Board of Directors as disclosed on May 14, 2014. The Board has decided not to issue the CCBs owing to uncertainty regarding its eligibility as an Additional Tier I instrument, the statement noted.
Only OMR 40 million will be issued at this time as this is the capital requirement to support the future growth of the Bank. The balance of OMR 30 million may be issued in the future, depending on the Bank’s needs, the MSM statement concluded.
In its statement to the Muscat Securities Market (MSM), Bank Sohar highlighted that the issuance will amount to OMR 40 million, subject to regulatory approvals.
This issuance comes instead of the OMR 70 million of Compulsorily Convertible Bonds (CCBs) on a Private Placement Basis approved by the Bank’s Board of Directors as disclosed on May 14, 2014. The Board has decided not to issue the CCBs owing to uncertainty regarding its eligibility as an Additional Tier I instrument, the statement noted.
Only OMR 40 million will be issued at this time as this is the capital requirement to support the future growth of the Bank. The balance of OMR 30 million may be issued in the future, depending on the Bank’s needs, the MSM statement concluded.
Source:
Mubasher
