Oman's ONIC Holding And Ominvest Say Boards Approve Proposed Merger - Gulf Business
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Oman’s ONIC Holding And Ominvest Say Boards Approve Proposed Merger

Oman’s ONIC Holding And Ominvest Say Boards Approve Proposed Merger

The merger will still require approval from the shareholders of both companies, the Capital Market Authority and the Ministry of Commerce and Industry.

The boards of Oman National Investment Corp Holding and Oman International Development and Investment Company (Ominvest) have approved a proposed merger between the pair, according to bourse filings from both firms on Monday.

The merger will still require approval from the shareholders of both companies, the Capital Market Authority and the Ministry of Commerce and Industry, the filings said.

Details of the terms of the merger will be provided to shareholders at a meeting to be arranged in due course, the statements added.

The news, which followed meetings of both boards of directors on Sunday, sent the shares of each company higher. At 0815 GMT, ONIC Holding was 4.6 per cent up, and Ominvest had gained 3.2 per cent.

Ominvest said in July it had written to ONIC Holding about forming a strategic arrangement between the two firms, with any tie-up subject to approvals of shareholders and regulator.

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