BDOF’s shareholders approve Majan merger
Some 90 percent of Oman’s Bank Dhofar Al-Omani Al-Fransi (BDOF)’s shareholders have authorized the merger between BDOF and Majan International Bank. The merger is scheduled to come into effect by mid-March 2003, reported Times Business.
Oman’s Majan International Bank’s board of directors approved the BDOF proposal for merger this past August. Majan Bank’s 29,411,767 shares will be traded in for an arrangement of BDOF shares, bonds and cash.
Following the merger, BDOF’s equity capital will rise by 6.7 million Omani rials ($17.4 million) to OR 41.96 million. Total assets are forecasted to grow by nine percent over the course of 2003. The new entity is expected to pay a cash dividend of 15 percent for the next three years, subject to shareholder’s approval.
BDOF was established in 1990 after it bought out the Muscat branch of the Paris-based Banque Paribas. In 1992, the bank’s assets doubled to reach $250 million. In 1998, BDOF sold 40 percent of its shares to the public, and is now listed on the Muscat Securities Market. The bank currently has 41 branches. — (menareport.com)
© 2002 Mena Report (www.menareport.com)