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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