30 December 2015
Post merger and as part of organising its business structure in line with the new Business Model & Strategy which focuses on building its investment portfolio across strategic and non-strategic financial investments, the Board of Directors of Oman International Development & Investment Company SAOG (OMINVEST) has approved the establishment of a new subsidiary, ONIC SAOC, with an authorised capital of RO 50 million and a paid up capital of RO 20 million.

The wholly owned shareholding structure of ONIC SAOC comprises of: OMINVEST 98 per cent, Oman Investment Services SAOC 1 per cent and Salalah Resorts SAOC 1 per cent.

"To enable it to have a greater focus in managing its Financial Investments, OMINVEST's non-strategic financial investments (public and private) will be transferred to its new subsidiary ONIC SAOC," Ominvest said in a filing to the Capital Market Authority.

"This will lead to realising efficiencies in the investment decision making process. Such transfers will have no bearing on OMINVEST'S Consolidated (Group Level) Financials, including the Earning per Share and Book Value per Share -- as these transfers are essentially Inter-Group Transactions," it added.

Earlier in August, the Ministry of Commerce and Industry had approved the merger between OMINVEST and Oman National Investment Corporation Holding SAOG (ONIC). In the wake of the approval, ONIC was de-registered from the records of the Ministry's Commercial Registry, while ONIC shares were suspended from being traded on the Muscat Securities Market.

© Oman Daily Observer 2015