MUSCAT Oman's Salalah Port Services said on Saturday it planned to increase its capital by 29 percent by offering new shares to existing shareholders.

"We are raising share capital from 12.9 million rials ($33.5 million) to 18.1 million rials by offering new shares to existing investors," Bill Burns, the firm's marketing and sales director told Reuters.

He said the share offering of 5.2 million rials would be used to help finance the firm's expansion plans.

SPS is a joint venture of the Omani government, Maersk-Sealand and private Omani investors.

The Omani government in September appointed SPS as the manager of a free trade zone to be set up at the port to help strengthen the country's industrial base and attract investment.

(Reuter)