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Key shareholder opts out of Bank Muscat rights sale

The second-largest shareholder in Bank Muscat, Dubai Group has sold its rights to buy into a share offering by the Omani lender at a significant discount, Reuters has reported, citing two sources. Oman's largest lender offered new shares to existing holders at a 25% discount to raise about $251m to fund its credit growth and venture into Islamic finance. Dubai Group, in the midst of a $10bn debt restructuring, had the rights to buy an additional 33.387 million shares, but sold most of those rights at almost a 50% discount in two separate over-the-counter deals for between OR0.03 and OR0.035 each on Thursday, the sources said speaking on condition of anonymity.