Oman bank shareholders clear 12.5pc stake sale to Qatari bank

MUSCAT — Shareholders of National Bank of Oman (NBO) have cleared a private placement proposal offering 10 million shares at a price of RO 4.450 each to Commercial Bank of Qatar (CBQ). The 12.5 per cent equity to CBQ is valued at RO 44.5 million.

By A Correspondent

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Published: Mon 27 Jun 2005, 10:40 AM

Last updated: Thu 2 Apr 2015, 4:45 PM

CBQ has also proposed to buy 17.92 million shares from other NBO shareholders to raise its stake to 34.9 per cent, subject to regulatory approvals. The total investment by CBQ for the additional acquisition is expected to be around RO124.24 million. This will create the largest GCC shareholding in an Omani bank.

The 12.5 per cent equity deal with CBQ will raise NBO's paid-up capital from RO70 million to RO80 million. CBQ will also enter into a management services agreement with NBO.

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