Successfulrestructuring and issuance of the right issue shares of Celebrity National financial Services started on 20thJune 2019

As of the first quarter of 2018, the Board of Directors of the company "National Securities SAOG" back then, have come to the conclusion that the company was occurring huge loses and therefore they have exhausted all possibilities and explored all options to help save the company from in solvency which was eminent and the company would be forced to go into liquidation if not rescued. And after thorough  research and analysis of the option that we represent, the board of directors, "BOD" reached a final conclusion that the best option will be to go ahead and accept the offer presented by Celebrity Global Holdings, brief of the company and its offer is in the below paragraph, the option was then passed for voting in an Extraordinary General Assembly meeting, and the Board had approached the Capital Market Authority to obtain their approval regarding the offer as Celebrity Global Holdings has asked in its offer that it required a minimum stake of 51%, which requires the Capital Market Authority's approval, the second request was that the company is to be given a 6 months grace period from the day of handing over the strategic management roles to Celebrity Global Holdings.

Celebrity Global Holdings “CGH”, is a Private holdings company engaged in Venture Capital and private equity, mergers and acquisition. The company was established in 2007 in Dubai and remained in Dubai till 2008 when it moved its headquarters to London in the UK. The company was ranked as the 49th most powerful private company in the Middle East, by Forbes Magazine in their list "top 50 most powerful companies in the Middle East in 2018, CGH is mostly known for its expertise in investing in distressed firms, by acquiring majority shares and taking the strategic and financial management in the distressed firm till the turn around / restructure is achieved. CGH has acquired National Securities Co. SAOG last August 2018, the acquired company is under restructuring and formation with its new identity “Celebrity National Financial Services SAOG”, CNFS, and this considered to be the First Step of Celebrity commitment towards the shareholders. The restructuring plan was presented to the CMA and also the new Board of Directors of CNFS, which consisted of three phases, each lasting 6 months. The first phase was dedicated on restructuring the company from within, reaching settlement with creditors, and preparing the company to be investor ready towards the end of phase one, the objective was to prepare the company for capital injection through the issuance of rights issue.

Phase2, which started in the beginning of March2019, after CGH and the Board of directors of CNFS agreed that phase 1 was successful and the company was ready for the capital injection. As part of the preparation of the issuance of the rights issue, the company sought obtaining all the necessary approvals from the Capital market Authority–in The Sultanate of Oman for restructuring the company through new underwriting to increase the company share capital, to OMR 2,000,000, right off the previous diluted capital, and pay all creditors. The approval from the CMA was received in May 2019 and the prospectors approved and shall be distributed by the 16th of June. The underwriting will open on 20th June 2019 and close on 4thof July 2019. Phase 3 starts in July 2019 only if a successful rights issue and once the company re-activates all licenses with the CMA approval. Phase 3, which lasts for 6 months, will focus primarily on solidifying the infrastructure of the company, prepare it for the new growth path which will be broken in to main pillars, first increasing market share of MSM in the brokerage business to achieve 10% market share, this will be mainly achieved through acquisition of distressed brokerage firms, 2 firms in Oman have been identified and are in serious negotiations for merger/acquisition. With the implementation of Proper policies & procedures in phase 2 and the implementation of corporate governance, will help the company increase its bottom line in its daily operations through the enhancement and increase in the efficiency of all the operations and processes through the value chain. The second pillar / major strategic objective for phase 3, is the introduction of new income verticals, income streams other than brokerage and advisory. Mainly the company will be set, through the implementation of disruptive technology, to offer and issue Bonds / skuk and other financial instruments that are tradable on the MSM and easy to liquidate, another stream will be the ability to create investment funds that will be both globally and diversified to reduce the exposure of the investors to a single country or region, as well as spreading the risk by making sure that investments are made through the value chain of the targeted industries, both in Oman as well as globally, giving the investors based in Oman chance to invest in global and diversified portfolio. Phase3 will end in February 2020. The company has already identified possible opportunities for acquisition of brokerage firms regionally to help grow the market share of CNFS into markets other than only depending on MSM.

The new board of directors, elected on the 12th of August 2018:

- Dr. Jalal Al Hadhrami – Chairman of the Board.

- Mr. Hesham Al Alawai – member.

- Mr. Abdullah Al Harthi – member.

- Ms. Thuraiya Saleh Yousef–member.

© Press Release 2019