Oman Air to increase capital by $519.5m

April 1, 2014 9:27 am

Oman Air has announced plans to raise its capital by OR200m ($519.5m), after reporting a widening annual loss, Reuters has reported. After the increase, Oman Air will have 700 million shares worth OR1 each, chairman Darwish Bin Ismail Al Balushi told the news service, without providing further details. The state-owned carrier’s annual loss widened by 16% to OR113.34m in 2013, it said. “The loss was as a result of our continued investment in new aircraft,” said Al Balushi.