19 September 2007
MUSCAT -- Gulf Investment Services Company (GIS) and its co-promoters have received commercial registration for promoting Gulf Baader Capital Markets (GBCM), a SAOC company, in which GIS will hold 70 per cent equity stake.
The paid-up capital of GBCM, RO6 million, has been fully subscribed. GIS is in the process of transferring its businesses licenced by the Capital Market Authority in the name of subsidiary company, subject to receiving the regulatory and other necessary approvals.
GIS has received an advance of RO4.2 million from GBCM towards sale consideration of its licenced businesses to GBCM. The advance shall be adjusted against the sale consideration of RO4.200 million to be received from GBCM upon completion of transfer process.
The audit committee of the board has received an opinion from the statutory auditors and tax advisers of the company with regards to the accounting treatment and the taxation aspects of the transaction. The required accounting entries and changes in accounts shall be reflected in the un-audited accounts for the period ending September 2007 and the audited accounts for the year 2007, as appropriate. This is in continuation of the disclosures made on August 13, October 29, and December 7 last year.
MUSCAT -- Gulf Investment Services Company (GIS) and its co-promoters have received commercial registration for promoting Gulf Baader Capital Markets (GBCM), a SAOC company, in which GIS will hold 70 per cent equity stake.
The paid-up capital of GBCM, RO6 million, has been fully subscribed. GIS is in the process of transferring its businesses licenced by the Capital Market Authority in the name of subsidiary company, subject to receiving the regulatory and other necessary approvals.
GIS has received an advance of RO4.2 million from GBCM towards sale consideration of its licenced businesses to GBCM. The advance shall be adjusted against the sale consideration of RO4.200 million to be received from GBCM upon completion of transfer process.
The audit committee of the board has received an opinion from the statutory auditors and tax advisers of the company with regards to the accounting treatment and the taxation aspects of the transaction. The required accounting entries and changes in accounts shall be reflected in the un-audited accounts for the period ending September 2007 and the audited accounts for the year 2007, as appropriate. This is in continuation of the disclosures made on August 13, October 29, and December 7 last year.
© Times of Oman 2007
