Oman: Muscat Stock Exchange (MSX) today rang the market-opening bell to mark the first stock trading of Sohar International Bank after its merger with HSBC Bank Oman.
With the merger of the two entities, the total source capital of Sohar International Bank now exceeds OMR 560 million with 5.5 billion shares and more than 6,000 shareholders.
Haitham Salim Al Salmi, CEO of MSX said that the merger of publicly traded companies contributes to establishing solid economic blocs that boost their competitiveness among companies of the financial sector regionally and internationally.
Mohammed Mahfoodh Al Ardhi said that this occasion marks the start of a new era for Sohar International Bank – one that is marked with abundant growth prospects, not only for the bank but also for its stakeholders, investors, and customers.
Moreover, the Chairman of the Board of Directors of Sohar International Bank announced that the bank is in the process of signing an agreement to provide continuous orders for supply and demand on the bank’s shares, as well as enhance the liquidity of the bank’s shares on MSX.
The bell-ringing ceremony was held under the auspices of Abdulsalam Mohammed Al Murshidi, Chairman of Oman Investment Authority (OIA), in the presence of Abdullah Salim Al Salmi, CEO of the Capital Market Authority.