Oman Emirates Investment and Holding Company (OEIH) has divested its stake in Oman Refreshments Company, following up on its investment portfolio restructure strategy.
In a statement to the Muscat Securities Market (MSM), OEIH announced that it had divested its 2.15 per cent stake in Oman Refreshments by selling 1.07mn shares at RO1.7 per share, making a profit of RO1.2mn as a result.
In the statement, OEIH chief executive Awad Mohammed Faraj Bamkhalef said that the sale is part of the company's strategy to change its investment portfolio.
He said, The sale is in line with our policy to divest at the appropriate time, paving the way for restructuring of the investment profile of the company.
First-quarter 2012 profits at Oman Refreshments jumped to RO1.39mn, compared to RO337,000 in the same period in 2011. The firm made a profit of nearly RO3.4mn in full-year 2011.
The Oman Refreshments stake sale comes as OEIH has exited a series of loss-making investments in the past 12 months.
In August 2011, the company announced it was to sell its 2.16 per cent equity stake in Dubai-based Al Barari Firm Management. OEIH also sold its 39.13 per cent stake in Dhofar Fisheries Industries Company and exited its 50 per cent stake in Abu Dhabi-based CI Capital Gulf Brokerage.
© Muscat Daily 2012
