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  Economics
Oman''s first Islamic bank announces USD 156 mln IPO
23/04/2012 | LOC10:04
07:04 GMT
| Gulf News
تصغير الخطالشكل الأساسيتكبير الخط
MUSCAT, April 23 (KUNA) -- Oman's first Islamic bank, Bank Nizwa, announced an Initial Public Offering (IPO) worth about USD 156 million for 600 million shares which come to 40 percent of its paid capital, on Monday.
"The bank is offering 600 million shares, with a par value of 102 baisas each, including two baisas for meeting issue expenses," an earlier bank statement said.
The IPO guidelines state individuals can acquire 1,000-100,000 shares, while the remainder is up for acquisition by companies at a maximum of 10 percent each.
Eleven local banks and companies have pledge to cover the issue, if need arise.
The bank is expected to start operation in the third quarter this year, according to plans. The commercial patent of the bank had already been launched in the first quarter of the year.
Bank Nizwa is to offer a comprehensive array of commercial banking services virtue of the final license to be issued by the central bank, and within the lines of banking law and the Islamic banks code expected to be announced soon.
Reports also indicate the bank is slated for listing at the Muscat stock exchange in June.(end) ahr.wsa KUNA 231004 Apr 12NNNN
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