05/10/2005 The London Stock Exchange is delighted to welcome BankMuscat to the Main Market.
5 October 2005
The London Stock Exchange is delighted to welcome BankMuscat to the Main Market.
BankMuscat is the first company from the Sultanate of Oman to list in the UK. It is the largest banking institution in Oman, with a network of 90 domestic branches and a representative office in Dubai. BankMuscat also has a strategic stake in Centurion Bank, a new private sector bank that has a strong retail presence across India, and has recently set up BankMuscat International (BMI), an independent banking entity that is focused on becoming a truly GCC regional bank.
BankMuscat has won numerous awards for excellence, and is the first bank in the Middle East to be completely ISO 9000:2000 certified.
BankMuscat has raised US$163 million through the issue of 6,878,765 new issued ordinary shares as Global Depository Rights (GDRs). The Bank plans to use the proceeds from its GDR issue to finance its aggressive international expansion and help strengthen its position in the domestic market.
Commenting on the issue, BankMuscat Chairman, Sheikh AbdulMalik bin Abdullah Al Khalili said:
"Our GDR issue has met with an overwhelming response from leading fund managers and financial institutions across the world. As a bank that aspires to become one of the leading financial institutions across the GCC region, and is seeking to continually enhance shareholding value, the GDR listing holds a very special significance for us: as we are today the first bank from across the GCC region to be listed on the London Stock Exchange. What makes it even more special is the fact that we are the first organization from the Sultanate to have represented Oman to the international investor community"