Thursday 08, June 2017 by Georgina Enzer

Bank Sohar updates on conversion of Mandatory Convertible Bonds

Bank Sohar reports that the second one-third tranche of Mandatory Convertible Bonds issued by the bank in 2013 has been converted into common equity shares of the bank.

The total convertible issuance in 2013 amounted to OMR 7.16 million and this tranche was issued at OMR 2.383 million. As per the terms of the issuance, the conversion price was OMR 0.121, calculated at a 20 per cent discount on the weighted average closing price of Bank Sohar’s shares for the three months prior to 28 April 2017. The bank said the overall process was completed and the conversion enforced by the Muscat Securities Market as of 4 May 2017.

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