In line with its purpose to provide responsive banking solutions to customers and help them win and reach their goals, Sohar International is pleased to announce its appointment as financial advisors of SV Pittie Sohar Textile for capital raise and public offering.

The agreement was inked recently at the bank’s head office at Water Front in Shatti Al Qurum. Representing Sohar International and signing the agreement was the Chief Executive Officer Mr Ahmed Al Musalmi whereas Vinod Pittie, Chairman of SVP Group and Chirag Pittie, Managing Director of SVP Global Ventures represented Pittie Sohar Textiles.

Commenting on the side-lines of the signing ceremony - Mr Ahmed Al Musalmi, Chief Executive Officer of Sohar International stated: “Our investment banking experience and advisory capabilities, enable us to provide an unbeatable combination of experience, knowledge, and access; and will help match SV Pittie Sohar Textiles with anchor investors, to catalyse equity as a source of funding. Working with SV Pittie Sohar Textiles, we intend to capture the goodwill of prudent investors who would like to diversify their investments, while developing a more robust economy with a stronger business base. Being among the few IPOs floated in Oman at the moment, the IPO is sure to contribute further to the expansion and diversification of the national economy. The listing will also be in line with Oman’s Capital Market Authority’s Vision of becoming an engine for sustainable economic growth and wealth creation. Capital Market Authority has been instrumental in developing and promoting market participation.”

Mr Al Musalmi also added: “Congruent to our purpose of helping people win by delivering banking for their ever-changing world, Sohar International understands that companies require different types of funding and capital structures that provide financial flexibility, stability and liquidity to meet their needs at various growth stages. Disclosing financial performance to investors, assists companies in bringing transparency and eases access to broader options of growth in business. We at Sohar International, hence provide corporate clients such as of SV Pittie Sohar Textiles with a comprehensive suite of investment and advisory solutions to suit every stage.”

Mr. Chirag Pittie said: “High-tech yarn manufacturing plant in Sohar Freezone will ignite the growth of a full-fledged cotton industry in the Sultanate, encompassing potentially large-scale cotton cultivation, intermediate processing, and fabric manufacturing activities as well. We have long standing relation with Sohar International Sohar and will commence active preparations for the equity financing of the project soon. By listing SV Pittie Sohar Textiles on the market, we anticipate numerous benefits to the overall wealth creation of the company, our employees and subsequently to the economy of the Sultanate on the whole.”

Established in 1898, SV Pittie Group is one of the largest yarn manufacturers in India. SV Pittie Sohar Textiles is being built with an investment of $300mn on a 27-hectare area and will be equipped with 300,000 spindles and 7,000 rotors. Phase 1 of this project is scheduled to be commissioned later this month. The plant will import 100,000 tonnes per annum of cotton from various countries, primarily being USA, Australia and India. It will produce finished yarn, which will then be exported to major textile markets residing in China, Bangladesh, Turkey and Pakistan.

Sohar International’s Investment Banking unit provides a suite of products and services including comprehensive financial advisory and capital raising solutions to local and international clients. Clients receive tailored financial solutions and strategic advisory services on a wide range of advisory and capital-raising activities including mergers, acquisitions, divestitures, financial restructurings, underwriting and distributing equity, debt, and derivative securities. The Bank’s investment bankers are organized into industry, product and regional groups and work closely with partners in capital markets, sales and trading, research and global relationship banking, to offer customized asset management and financing strategies for clients. This combined expertise allows Sohar International to offer the most innovative and comprehensive ideas and solutions in all market conditions by bankers that have in-depth industry knowledge, local market acumen, and execution expertise.