Oman Arab Bank gets nod to float 25% of its shares

30/08/2011 00:00 AST

Oman Arab Bank has (OAB) been cleared to float 25 percent of its capital on the local bourse, its chief executive said on Monday. Oman allows companies to float a minimum 40 percent of their capital on the Muscat Securities Market so OAB had to get government approval for an initial public offering (IPO) of 25 percent of its shares. "Soon we are going to appoint a financial advisor to determine the offer price. That will happen soon and the issue will be floated for subscription either by the end of the year or the beginning of next year," OAB chief executive Abdulkader Askalan told Reuters. Oman Arab Bank is 51 percent-owned by local firm Ominvest, with the balance held by Bahrain's Arab Bank. Yahya Al-Jabri, Capital Market Authority's executive president, told Reuters Oman was considering revising the law so all companies can float 25 percent of their capital, to encourage more family firms to list.


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