Oman’s Bank Sohar says $104m rights issue oversubscribed

Dubai: Oman’s Bank Sohar, which is in talks about a possible merger with larger rival Bank Dhofar, said on Thursday its 40.04 million riyal (Dh382 million, $104.1 million) rights issue had been oversubscribed.

In total, shares worth 53.28 million riyals were bid for under the capital increase, which saw 228.8 million new shares sold to investors, according to a bourse filing.

Bank Sohar offered the shares for subscription, priced at 0.175 riyals each, between April 15 and April 29.