Mubasher: Bank Sohar has completed the second tranche of conversion of mandatory convertible bonds into ordinary shares issued in 2013, at a value of OMR 2.383 million.
The conversion was implemented on 28 April, representing the second of three tranches of the total mandatory convertible bonds, amounting OMR 7.15 million, according to a filing to the Muscat Securities Market (MSM) on Thursday.
The conversion price for one bond stands at 121 baisas, and the shares were distributed on Sunday through the MSM.
In May 2016, the bank said that a third of convertible bonds were converted into shares worth OMR 2.383 million.
The MSM-listed bank’s profits surged 44% to reach OMR 5.99 million in the first quarter of 2017, compared to OMR 4.16 million in Q1-16.
