Jun 11 2012
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OAB defers IPO until September
It is worth mentioning that last August, OAB has received CMA permission to float 25 per cent of its capital on the local bourse, which is less than the minimum 40 per cent stipulated by the Commercial Companies Law for companies that desire to go public. The move comes in a bid to encourage family Companies to list.
Presently, Ominvest has 51 per cent stake in the Omani bank, while the remaining 49 per cent holding is with Arab Bank . Of the two partners, Oman International Development and Investment Company ( Ominvest ) will dilute 21 per cent or 243.6 million shares and Bahrain-based Arab Bank four per cent or 46.4 million shares.
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