Majan Bank approves Bank Dhofar’s merger proposal
Oman’s Majan International Bank’s board of directors has approved Bank Dhofar Al-Omani Al-Fransi (BDOF)’s proposal for merger. The proposal will be presented to the shareholders of the bank for approval at an executive general meeting in the near future, reported the Investment Managing Group of the Oman Arab Bank (IMG).
Providing the deal is approved, Majan Bank shareholders will receive Bank Dhofar shares for 50 percent of their holding and cash for 25 percent of their holding. The entity’s bonds will have a five-year duration period and will carry a coupon rate of six percent per annum.
BDOF was established in 1990 after it bought out the Muscat branch of the Paris-based Banque Paribas. In 1992, 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)