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Oman's Bank Sohar proposes capital increase

The board of Oman-based Bank Sohar SAOG has proposed to increase the bank's authorized capital to 400 million Omani rial from 200 million rial.

It will seek approval for the increase at an extraordinary general meeting March 29.

At an annual general meeting held the same day, the board will also seek approval to distribute cash dividends at the rate of 5% of the capital, and to distribute bonus shares of 10% of the capital among shareholders as of the date of the meeting.

As of March 12, US$1 was equivalent to 0.38 Omani rial.