Bahraini bank could get free Alliance stock

Ahli United Bank could get 113 million free shares in Oman's Alliance Housing Bank if Alliance's board approves a one-for-one bonus share issue, the Omani lender said on Monday.

Ahli United, Bahrain's biggest bank by market value, agreed in June to buy a 35% stake in Oman's biggest mortgage lender for 50.9 million rials ($132.2 million).

Under the deal Alliance would sell 113.08 million new shares to Ahli at 450 baisas each. There are 1,000 baisas per rial.

Alliance's management recommended the capital increase agreed under the deal and proposed giving one free share for every one held by investors, including Ahli United, Alliance said in a statement on the Oman bourse Web site.

Alliance Housing shares were up 4.71% at 0740 GMT.

Board members would vote on the proposal at a meeting on July 21, Alliance said.

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