At the Extraordinary General Meeting (EGM) convened at the Qurum Learning Centre on Monday, Bank Sohar’s shareholders approved a proposal to increase the authorised capital of the Bank from RO 100 million to RO 200 million.
The EGM also approved an increase in the bank’s paid up capital from RO 100 million to RO 110 million through the floating of a Rights Issue of 100 million shares at a price of 102 baisa per share consisting of a nominal value of 100 baisa per share and 2 baisa per share to cover the rights issue expenses. Shaikh Dr Salim Saeed al Fannah al Araimi, Chairman of the Board, said the main reason for floating the rights issue is to raise the required minimum capital for setting up the Islamic Banking Window, in line with the requirements of the Central Bank of Oman.
Bank Sohar recently appointed Oman Arab Bank as the issue manager for this Rights issue, and the remaining details on this rights issue will be published in the prospectus after securing the necessary regulatory approvals.