SOHAR: Sohar International has successfully concluded its 2024 rights issue, raising RO 130 million. This capital raise strengthens the bank’s financial position and supports its future growth initiatives. The rights issue is among the largest in 2024 on the Muscat Stock Exchange (MSX), reflecting strong investor confidence. The funds raised will be directed toward enhancing capital buffers, supporting strategic initiatives, and expanding Sohar International’s offerings, especially in sectors crucial to Oman’s economic development, in alignment with Oman’s Vision 2040.
The success of the rights issue underscores Sohar International’s dedication to long-term growth and sustainability. The raised funds will play a pivotal role in fortifying the bank’s financial foundation, providing resources necessary to accelerate its transformation agenda. Mr. Ahmed Al Musalmi, CEO of Sohar International, expressed his gratitude for the overwhelming trust shown by shareholders, emphasizing that the bank’s future direction and strategy are solidified by this significant achievement. The funds raised will empower the bank to navigate economic uncertainties and continue expanding its business development efforts.
The rights issue, launched in November 2024, saw a diverse range of investors participating, including government and private institutions, family offices, and individual investors. Compared to previous issuances, this rights issue saw a remarkable 65% increase in investor participation. This demonstrates the broad belief in Sohar International’s growth strategy and its commitment to providing sustainable value to shareholders. The success of the rights issue highlights the bank’s strong fundamentals and the continued confidence of its investors, despite the challenging market environment.
Following the rights issue, the allotted rights were listed on the Muscat Stock Exchange (MSX) on 2nd December 2024. The listing, supported by Muscat Clearing & Depository (MCD), MSX, the Central Bank of Oman (CBO), and the Financial Services Authority (FSA), marks an important milestone for Sohar International. Mr. Al Musalmi reaffirmed the bank’s commitment to delivering innovative solutions and creating value for customers, with a continued focus on sector-wide innovation and leveraging new technologies to adapt to the dynamic market shifts.
