Oman & Emirates Investment Holding Co SAOG (OEIHC) declared it plans to increase its equity stake in Financial Corporation SAOG (FINCORP) SAOG from the present 37.43% to 59.76% with the acquisition of 22.33% equity stake from an existing shareholder. This approval enables OEIHC to acquire 1,563,845 Equity Shares at an agreed price of RO 1.250 per share for a total purchase consideration of RO 1,954,807. Consequently, FINCORP SAOG, which presently is an Associate Company will become a Subsidiary Company of OEIHC.
OEIHC is engaged in investing in various fields in Oman and the United Arab Emirates. It announced net profits of RO 554,744, a decrease of 9% for the 9 months ending on 30/9/2010,