Oman – Mubasher: Bank Sohar said it has received an approval from the Capital Market Authority (CMA) for a scheme of allotment for the rights issue closed for subscriptions on 29 April.

Applications for a total of OMR 53.277 million were received against an issue size of OMR 40 million, the bank said in a bourse filing. The total number of shares in the rights issue amounted to 228.8 million.

Refunds are currently being processed and are expected to be completed by 8 May, the bank added.

Bank Sohar previously reported unaudited financials for the fiscal year ended 31 December 2014 and said it achieved a net profit after tax of OMR 29.878 million ($77.6 million) compared to OMR 26.871 million in 2013, registering an increase by 11.2%.