Oman: Ominvest-led consortium plans to acquire Ahli Bank

Oman: Ominvest-led consortium plans to acquire Ahli Bank

Muscat – Oman International Development and Investment Company (Ominvest) is planning to lead a consortium that will make an offer to acquire the entire issued share capital of Ahli Bank.

“The Ominvest board, at its meeting held on Monday, resolved to announce the intention for Ominvest to lead a consortium that will make an offer for the entire issued share capital of Ahli Bank,” Ominvest said in a disclosure to the Muscat Stock Exchange.

It said the offer will be made by certain entities separately controlled by Ominvest and Arab Bank (consortium), adding that certain other investors have also expressed their desire to join the consortium.

Ominvest said that the consortium shall be a committed anchor investor who will support Ahli Bank’s growth and provide further strategic direction.

According to the disclosure, the consortium will make a cash offer of 185bz per share (base offer price) for Ahli Bank. The consortium does not anticipate incorporating any conditions regarding the percentage of acceptance by shareholders of Ahli Bank.

The base offer price represents a premium of approximately 28 per cent over Ahli Bank’s average one-year market price of 144bz and an 8 per cent premium compared to the closing stock price for Ahli Bank as of