Al Izz International Bank will have a capital of $259.7m and expects to begin operations after the IPO issue
Al Izz International Bank, a lender under formation in the Gulf Arab state,
plans to launch an initial public offering (IPO) in the third-quarter of 2011,
its spokesman said on Sunday.
The new financial institution, which got the central bank's nod in
September, will have a capital of 100 million rials ($259.7 million) and
expects to begin operations after the IPO issue.
"The IPO of Izz International Bank will raise 40 percent of the capital
and the rest will be raised by the local shareholders," the spokesman told
Al Izz will be the seventh locally incorporated bank to trade in the local
bourse and so far the only IPO sale planned for next year. Bank Muscat is
currently the largest lender in the country by market value.
Nawras Telecommunications Co, part of Qatar's Qtel, is the only IPO issue
this year. In a separate statement on Sunday, Nawras said its IPO was fully
subscribed and the shares would list on the Muscat bourse in early November. (Reuters)