- Weather
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Max |
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40°C |
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Min |
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30°C |
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Sunrise |
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05 : 30 AM |
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Sunset |
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06 : 30 PM |
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Humidity |
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50 to 80 per cent |
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- Prayer Time
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Fajar |
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03:58 am |
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Dhuhr |
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12:08 pm |
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Asar |
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03:30 pm |
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Magrib |
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06:49 pm |
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Isha |
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08:09 pm |
- Oil Price
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- Gold Price
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Price in RO
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24ct / gm |
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16.97 |
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22ct / gm |
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16.60 |
- Currency Rates
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Forex Rates vs R01
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US Dollar |
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2.58 |
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Euro |
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2.01 |
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Pound |
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1.70 |
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Indian Rs. |
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142.84 |
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Pak Rs. |
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255.60 |
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Bangla Taka |
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201.37 |
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Muscat: Bank Muscat yesterday said that the bank will privately place shares to a reputed international institution, which is at an advanced stage of completion. This is for raising additional capital for the bank.
"The transaction is expected to be finalised by the end of February 2013, whereby full details of the transaction will be disclosed to the market after obtaining all necessary approvals," said a bank statement posted on MSM website. EFG Hermes in a research note said that the proposed private placement, expected to be $100 million, translates in to 3.7 per cent additional equity for Bank Muscat, and dilution should be limited.
"With the private placement likely to be executed at a premium to the prevailing stock price, we see the details of the private placement, particularly the pricing to act as a small catalyst for stock price performance. The market price is likely to move up close to the private placement price, in our view," it added. The additional capital will further boost the bank's capital adequacy and also improve the bank's liquidity position. "This should shield Bank Muscat from a possible competition for deposits to an extent and hence limit margin compression in 2013," EFG note said.
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