Wednesday, Apr 18, 2012
DUBAI (Zawya Dow Jones)--Oman Arab Bank, a subsidiary of Oman International Development and Investment Co. (OMVS.ON), or Ominvest, plans to sell 25% of its shares in an initial public offering.
OAB will sell 25% of its outstanding issued share capital, representing 290 million shares each of OMR0.100 nominal value, Ominvest said in a statement posted on the Muscat bourse website.
Ominvest will offer 243.6 million, or 21%, of its shares in OAB to the public, while Jordan's Arab bank will sell 46.4 million shares, or 4%, the statement added.
Ominvest owns about 51% of OAB, while Arab Bank has a 49% stake in the privately held lender, according to Zawya.com.
National Securities Co. will be the issue manager. Ominvest didn't provide any other details.
-By Nikhil Lohade, Dow Jones Newswires; +9714 446-1694; nikhil.lohade@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
18-04-12 0617GMT
