Commercial Bank of Qatar withdraws offer to raise stake in National Bank of Oman
Now Reading
Commercial Bank of Qatar withdraws offer to raise stake in National Bank of Oman

Commercial Bank of Qatar withdraws offer to raise stake in National Bank of Oman

The Qatari lender last month had offered $128m to raise its holding to 50.1 per cent from 34.9 per cent

Commercial Bank of Qatar abandoned a plan to build a controlling stake in National Bank of Oman after investors pushed back against what would have been a rare cross-border tie-up in the Gulf.

Qatar’s fourth-biggest lender withdrew an offer to raise its stake in the Omani bank after shareholder acceptance fell short of the 15.2 per cent minimum threshold, according to a statement. Investors representing 7.74 per cent of shares of accepted the offer.

Commercial Bank of Qatar last month had offered QAR49.43m ($128m) to raise its holding to 50.1 per cent from 34.9 per cent. The proposal to acquire 247 million shares represented a 18 per cent premium to NBO’s closing price of June 2.

NBO’s shares closed 1.5 per cent in Muscat on Sunday before Commercial Bank of Qatar announced its plan.

You might also like

© 2021 MOTIVATE MEDIA GROUP. ALL RIGHTS RESERVED.

Scroll To Top