Bank plans to raise $156m


Muscat Securities Market   -   Muscat Securities Market Index
6,469.06 -24.40 -0.38%
17/04/2012 13:05 AST  Gulf Daily News
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Omani lender Bank Nizwa, the sultanate's first Islamic bank, plans to raise $156 million by selling 40 per cent of capital in an initial public offering (IPO) on the Muscat Securities Market.

The bank is not yet operational and has only a representative office. Three branch openings are planned after the IPO.

"The bank will start IPO subscription on Monday. It is offering 600m shares, with a par value of 102 baisas each, including two baisas for meeting issue expenses," the lender said. The subscription period will last one month.

The bank, sponsored by Al Khalili Group and other local shareholders, has a capital base of 150m rials ($390m) and the IPO is being managed by Oman Arab Bank.

The shares are expected to list on June 6 and the bank is expected to be operational by July.

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