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Oman International Development and Investment Holding Company (Ominvest) is planning to acquire an additional 5 per cent stake in Bank Muscat.
Ominvest, one of the oldest and largest investment firms in the Gulf region, is an existing shareholder in Bank Muscat and the purchase of additional stake may result in up to a maximum 15 per cent total shareholding in Bank Muscat by Ominvest.
'Ominvest would like to disclose that it has received the Central Bank of Oman's approval to acquire an additional 5 per cent shareholding in Bank Muscat,' Ominvest said in a disclosure submitted to the Muscat Stock Exchange on Thursday.
Ominvest said it intends to complete the acquisition of additional 5 per cent stake in Bank Muscat in a time-bound manner, subject to the market conditions.
'This [acquisition] may result in up to a maximum 15 per cent total shareholding in Bank Muscat by Ominvest,' Ominvest added in its disclosure to the Omani bourse.
In a separate disclosure to the Muscat Stock Exchange, Bank Muscat, the largest financial institution in Oman, confirmed about Ominvest's intentions to acquire the additional shareholding in the bank.
'We wish to inform the market that Bank Muscat has been notified by Ominvest that it has received the Central Bank of Oman's approval to acquire additional shareholding of up to 5 per cent in the bank,' Bank Muscat said.
Ominvest also informed the bank that this additional stake purchase will be through the market in a time-bound manner depending on the market conditions, Bank Muscat said. 'This disclosure is being made by the bank as part of its disclosure responsibility of any material information it receives.'
Following the announcement by Ominvest, Bank Muscat shares rose 2.33 per cent and closed at 440bz on Thursday.
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