Sohar International Bank has concluded the issuance of mandatory convertible bonds (MCBs), raising roughly OMR 26.47 million ($68.84 million) as part of efforts to bolster its capital position.

The capital raise is expected to improve the bank’s financial flexibility while avoiding immediate dilution of existing shareholders.

The newly issued bonds have been listed on the Muscat Stock Exchange, offering investors tradable securities that will convert into equity at a later stage under pre-agreed terms.

The bank’s shares have gained 29.75% YTD.

(Writing by Ahmad Mousa; editing by Daniel Luiz)
Ahmad.mousa@lseg.com