Bank Muscat seeking 15m rials via auction

BANK MUSCAT: Oman's largest bank looking to raise 15m rials via auction. (Getty Images)

Bank Muscat SAOG, Oman’s biggest bank, plans to raise 15 million rials ($39 million) through an auction of certificates of deposit this month - part of a plan to raise 250 million rials from such securities this year.

The certificates mature in 18, 36 and 60 months and pay semi-annual interest of 4, 4.5 and 5.25 percent respectively, the Muscat-based bank said in an e-mailed statement to news agency Bloomberg, Sunday.

The auction, to be held June 15, is open to domestic and foreign individuals and institutions.

Bank Muscat has received bids for 192.1 million rials and allotted 86.2 million rials worth of deposits so far, the statement said. Money raised from the sale will be used for general corporate purposes.

The minimum subscription for the offer is 100,000 rials and the CDs will be sold at multiple prices after the auction.

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