Omvest leads consortium to acquire Al Ahli Bank in Oman

Omvest said the consortium would bid 185 baisa ($0.48) per share in cash, representing a 28% premium to the bank’s one-year average market price of 144 baisa.

In the detail of the offer, “Ominvest” classified the shareholders of the National Bank, according to their contributions, in 3 categories:

Strategic investors who hold more than 25% of the bank’s shares will get the basic offer price plus 15 baisa.

• Large financial investors, who hold between 10 and 25% of the bank’s shares, and they will get the basic offer price plus 7 baisa.

• Other investors, who hold less than 10% of the bank’s shares, and they will get the basic offer price.

The acquisition agreement will be funded from the consortium parties’ funding sources, according to Omnivest’s statement, which states that the offer is subject to the approval of board members, shareholders and shareholders. regulatory authorities.

Last April, the board of Al Ahli Bank in Oman rejected a merger offer from Bank Dhofar, the Sultanate’s second-largest bank, without giving reasons for its decision.

It should be noted that the National Bank was established in 1998 and was listed on the Muscat Stock Exchange in 2002. The net profit of the bank for the year 2022 amounted to approximately 33 million Omani riyals (approximately 86 million), an increase of 20%. from 2021 AD, when 27.6 million riyals ($72 million) was reached).

Al-Ahli United Bank and Al-Hosn Investment Company are the main shareholders of Al-Ahly Bank, with the share of Ahli United Bank, a subsidiary of Kuwait Finance House, amounting to 35%, against 14.16% for Al-Hosn Company. .

Last year, the National Bank distributed 75 baisa in the form of cash dividends, compared to 5 baisa for the year 2021.

Read the Latest World News Today on The Eastern Herald.