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OAB to raise Islamic banking capital through a rights issue

Posted on 21 February 2012

Oman Arab Bank (OAB) will raise the RO10mn it needs for its Islamic banking operations through a rights issue, with the bank’s proposed initial public offer (IPO) expected to take place in the second half of 2012, according to Abdul Kader Askalan, chief executive officer.
The board of directors of Ominvest, which owns a 51 per cent stake in OAB, recently approved the proposed increase in OAB’s share capital by way of a rights issue, the money from which will be set apart for Islamic banking operations. Ominvest’s contribution to OAB’s fresh capital requirements would be RO5.1mn………………………………………..Full Article: Source

 
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