Oman's Al Madina Investment board approves merger with Shaden Development

Merger by inclusion will be based on book value of both firms

  
Laptop with a business chart on the screen. Image used for illustrative purpose.

Laptop with a business chart on the screen. Image used for illustrative purpose.

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Oman’s Al Madina Investment has obtained the board’s approval to merge the firm by inclusion with Shaden Development Company, according to a disclosure on Sunday. 

The board issued the approval of the merger on Thursday based on the book value of both companies, the investment banking firm told the Muscat Securities Market (MSX), on which its shares are listed. The company did not disclose any further details.  

Al Madina’s net loss for the six months ended September 30, 2021 widened by 21 percent on the back of low revenues. 

(Writing by Cleofe Maceda; editing by Seban Scaria) 

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© ZAWYA 2021


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