MUSCAT – Alizz Islamic Bank has approved the swap ratio proposed by Oman Arab Bank (OAB) in a potential merger between the two banks.
The swap ratio of around 81 per cent / 19 per cent for the shareholders of OAB and Alizz was green-lighted by the latters Board of Directors and recommended to the shareholders for their approvals, said Alizz in a filing to the Capital Market Authority (CMA) on Thursday.
The actual swap ration will be based on the net asset value as per the audited financial statements for the year ended December 31, 2019. Appropriate price adjustments will be made to movements in both the banks financials between December 31, 2019 (the cut-off date) and the actual transaction date, the Legal Adviser and Company Secretary stated.
The proposed merger and the indicative swap ration will remain subject to the approval of the shareholders, the Central Bank of Oman, the Capital Market Authority and other relevant authorities, the statement added.
Alizz and OAB had announced last October that they were exploring a possible merger between the two institutions.
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