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BankMuscat aiming to raise RO 96.7m from rights issue

Omani lender BankMuscat is set to raise OR96.7m from a rights issue aimed at enhancing Tier 1 capital, Oman Daily Observer has reported. The rights issue will be open from July 9 to 23, 2012 with the record date being July 2. The proceeds of the issue will be used by the bank for financing growth resulting from the credit expansion following general economic growth in Oman; capitalising Islamic banking business and enhancing capital adequacy ratio to enable readiness for adoption of Basel III when introduced.