Suhail Bahwan Group likely to acquire 35% stake in NBO
Omani business conglomerate Suhail Bahwan is expected to purchase a 35 percent stake in the National Bank of Oman (NBO), reported Taib Securities. The deal is subject to the approval of the bank’s shareholders and other regulatory authorities.
The deal will be taking place by way of private placement. NBO will issue 24.159 million new ordinary shares at a price of 2.2 Omani rials per share ($5.7).
Headquartered in Muscat, Oman, NBO had total assets of 919 million Omani rials ($2.39 million) as of December 31, 2002. The bank has 55 service centers nationwide, five in Egypt and one in Abu Dhabi. — (menareport.com)
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