Sohar International, a leading bank in Oman, has successfully raised 130 million Omani rials ($336.7 million) through its latest rights issue. This marks the largest rights issue on the Muscat Stock Exchange (MSX) in 2024.

Launched in November, the offering attracted strong interest from government entities, private institutions, family offices, and individual investors. The bank stated that the allotted rights were officially listed on the MSX on December 2.

The funds raised will be directed towards supporting Sohar International’s growth plans, financing initiatives, and developing new products and services to enhance its offerings.

In a related development, Fitch Ratings recently upgraded the bank’s outlook from “stable” to “positive” while maintaining its long-term issuer default rating at “BB.” The agency highlighted the bank’s improved business profile following its merger with HSBC Bank Oman last year, along with its broader deposit base, adequate capital levels, and stabilizing asset quality.