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Bank Nizwa raises RO70mn through rights issue

25 Sep 2021 By MUSCAT DAILY CORRESPONDENT

Muscat – Bank Nizwa, the leading Islamic bank in Oman, on Saturday announced the successful completion of its rights issue of RO70mn which was open for subscription from September 7 until September 16.

Bank Nizwa had announced the rights issue of new 736.953mn ordinary shares at an issue price of 95bz per share, increasing the bank’s capital by over RO70mn.

In a disclosure to the Muscat Stock Exchange (MSX), the bank said the allotments of all subscriptions have been approved by the Capital Market Authority.

It said the final procedures relating to updating and listing of new shares at Muscat Clearning & Depository Company and the MSX are being carried out. The new share capital will be listed on the Muscat Stock Exchange today.

The bank’s new issued share capital post-rights issue shall be increased to RO220mn, comprising 2,236,953,032 shares, it said.

“We would like to express our utmost appreciation to all subscribers and shareholders for their continuous support, trust and confidence in Bank Nizwa,” said Khalid al Kayed, chief executive officer of Bank Nizwa.

By increasing the capital, the bank will be geared up for the next phase of growth and increase returns for shareholders, it said in August while launching the rights issue.

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