SASLO advises Bank Nizwa on US$ 181 million rights issue

Leading Omani law firm Said Al Shahry & Partners (SASLO) has advised its longstanding client, a leading Islamic bank in Oman, Bank Nizwa on a OMR 70 million (US$181 million) rights issue.

Oman’s leading Islamic bank Nizwa has announced the successful completion of its rights issue which was open for subscription from September 7 until September 16.

Subsequent to the subject matter disclosures, Bank Nizwa announced new 736.953 million ordinary shares at an issue price of baisas 95 per share, thus increasing the bank’s capital by over OMR 70 million ($181.2 million).

Lauding the overwhelming response from its subscribers and shareholders, the bank said its new issued share capital post-rights issue will be OMR 220 million of 2.24 billion shares.

SASLO was the sole legal advisor for the transaction and its team was led by Jeremy Pooley, Special Counsel.

Bank's announcement