Oman’s National Gas Co is planning a RO7.54m ($19.59m) rights issue to strengthen its balance sheet and support long-term growth, it said in a statement to the stock market.
The statement, reported by the Muscat Daily, said the board of directors resolved at its November 4 board meeting to recommend an increase in the issued and paid-up share capital of the company through a rights issue of shares.
It said it would offer 20m shares at a price of 377bz ($0.98) per share, including an amount of 275bz ($0.71) as share premium and 2bz ($0.05) as issue expenses, aggregating to RO7.54m ($19.59m).
“The rights issue shall be subject to receipt of all necessary regulatory approvals as may be necessary,” the company said.
Following the rights issue, the issued and paid-up share capital of the company will increase by RO2m ($5.19m), from RO3mil ($7.79m) to RO5m ($12.99m).
The company’s board also unanimously resolved to appoint Oman Arab Bank as its financial adviser and issue manager for the rights issue.
National Gas Co’s shares jumped 9.9 percent on the MSM on Wednesday.
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