- Sohar International raised $336.7 million through a rights issue, the largest of the year on the MSX, showcasing investor confidence in the bank.
- The funds will support the bank’s growth strategies, including new initiatives and improved product and service offerings for its customers.
- Fitch Ratings revised Sohar International’s outlook to “positive” based on the bank’s improved performance following its merger.
Sohar International, a leading bank in Oman, has successfully raised 130 million Omani rials (equivalent to approximately $336.7 million) through a new rights issue. This significant financial achievement marks the largest rights offering on the Muscat Stock Exchange (MSX) so far this year.
The rights issue, which was launched in November 2024, attracted substantial interest from various investors, including government and private institutions, family offices, and individual investors. The newly issued rights were officially listed on the Muscat Stock Exchange on December 2nd.
The bank has announced that the funds raised from this offering will be strategically allocated to support its growth initiatives. This includes funding new projects, enhancing existing services, and introducing innovative products to serve its customers better.
This positive financial news coincides with a revised outlook from Fitch Ratings. The agency has upgraded Sohar International’s outlook from “stable” to “positive,” while reaffirming the bank’s long-term issuer default ratings at “BB.” Fitch Ratings cited the bank’s strengthened business profile following its merger with HSBC Bank Oman SAOG last year. This merger has led to an expanded deposit base, sufficient capital, and more stable asset quality.
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Last Updated on December 31, 2024 by Safiya K
