Flag Holding, an Abu Dhabi-based investment firm, bought a 39.12 per cent stake in Dhofar Fisheries Industries Company (DFIC) from Oman Emirates Investment Holding Company (OEIH), according to OEIH's filing with the Muscat Securities Market (MSM) last week.
"OEIHC has sold 993,811 shares in DFIC to Flag Holdings for RO899,399 based on an enterprise valuation of RO2.3mn," said Awad Mohammed Bamkhalef, chief executive officer of OEIH, in a filing to MSM. No official at OEIH, which is listed on both the Muscat and Abu Dhabi stock exchanges, was available for comment.
Earlier in June, OEIH announced its plan to divest its entire stake in loss-making DFIC and received an offer from Flag Holding to divest its entire 40.97 per cent stake at an enterprise valuation of RO2.3mn. But the Capital Market Authority (CMA) later approved the sale of 39.126 per cent stake at an enterprise value of RO2.3mn.
In June 2009, ANC Holding, another UAE-based firm had acquired a 60 per cent majority stake in DFIC from OEIH to take over management control. DFIC posted a net loss of RO583,237 for the first half of 2011, compared to a net loss of RO802,109 for the corresponding period in 2010.
© Muscat Daily 2011
