Oman – Mubasher: Bank Dhofar announced that its board of directors approved on Sunday, 29 March a rights issue of up to OMR 45 million, according to a filing to the Muscat Securities Market (MSM).

This rights issue would be in addition to the planned additional Tier 1 type capital instruments (AT1) worth $300 million (OMR 115.5 million), which was disclosed on 2 March 2015.

The rights issue is subject to regulatory approvals, the bank said.

Bank Dhofar reported a 30% decline in profits to OMR 40,400 in 2014 compared to OMR 58,400 in 2013.

The bank’s capital amounts to OMR 134.5 million divided on 1.5 billion shares.