UFC plans rights issue

Muscat: United Finance Company (UFC), Oman's biggest non-banking finance company (NBFC), which announced a 182 per cent growth in net profit in 2007, is in the process of raising its equity further through a rights issue of 20 per cent at an offer price of 150 baisas per share.

"The rights issue will mostly likely close by second quarter of year 2008," Raghavan K Murti, chief executive officer, said.

The UFC board has also proposed a 20 per cent stock dividend.

Meanwhile, the company reported a net profit 4.12 million Omani riyals for 2007, against 1.46 million riyals net profit posted in 2006.