11 June 2012
Muscat: The Capital Market Authority (CMA) has received an official letter from Oman Arab Bank (OAB) indicating that the committee tasked by its board of directors, decided to postpone the initial public offering (IPO) of 25 per cent of the bank's capital, scheduled to be offered soon, to next 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.
The nominal value of the share is 100 basias each.
Muscat: The Capital Market Authority (CMA) has received an official letter from Oman Arab Bank (OAB) indicating that the committee tasked by its board of directors, decided to postpone the initial public offering (IPO) of 25 per cent of the bank's capital, scheduled to be offered soon, to next 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.
The nominal value of the share is 100 basias each.
© Times of Oman 2012
