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Shareholders approve National Bank of Oman's capital raising plans

National Bank of Oman SAOG's shareholders approved the lender's capital raising plan over the next five years during an extraordinary general meeting Oct. 8.

The capital raising may be carried out through a new issuance of Tier 2 capital of about 50 million Omani rials and an Additional Tier 1 capital for a benchmark size of $300 million.

The aforementioned capital raising transactions may occur at any point over the coming five years, in accordance with the board's approval.

The issuances are subject to prevailing market conditions and approval from Oman's central bank, the bank noted.

As of Oct. 9, US$1 was equivalent to 38.47 Omani baisa.