Complex Made Simple

BankMuscat to raise $150m through private placement in Q4

Oman's largest lender, BankMuscat has said it is to raise $150m through a private placement of shares in the fourth quarter of this year, as part of its plans to strengthen Tier I capital to support business growth, Muscat Daily has reported. "The placement will take place at the end of the fourth quarter this year with a party which is an international institution. Looking at the government's policy of aggressive spending, we are quite optimistic about business growth this year," said Ahmed al Abri, chief operating officer of BankMuscat. "We are focusing on capital-raising plans for financing growth as we do not dilute earnings and return on equity," Abri said.