Al Anwar Holding Sells Its Entire Stake in Bank Sohar
Published: Jun 11, 2014
Source: Muscat Daily


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Al Anwar Holding Sells Its Entire Stake in Bank Sohar

Al Anwar Holdings Company has sold its entire stake in Bank Sohar, the company said in a filing to the Muscat Securities Market (MSM) on Wednesday.

“We are pleased to disclose that we sold our entire stake in Bank Sohar (18,852,802 shares) at a price of 230bz per share, resulting in sale proceeds of RO4.32mn,” Reji Joseph, chief executive officer of sohaAl Anwar Holdings said in a company filing.

He said that as the shares were carried at a value of 225bz per share in the company financials, it booked a profit of RO79,086, net of brokerage on this transaction.

In May, Al Anwar Holdings had signed an indicative non-binding term sheet with one of the local institutions to sell its stake in non-banking finance company Taageer Finance Co.

The deal (to sell the stake in Taageer Finance Co) is subject to the institution completing its study regarding the transaction, as well as obtaining the government/regulatory approvals and respective board's approvals.

However, Al Anwar Holdings, which is the largest shareholder in Taageer Finance with a 33.63 per cent stake, did not disclose the name of the local institution with which it has signed the non-binding term sheet.

Bank Sohar shares jumped 2.12 per cent to close at 241bz on Wednesday. The bank, with regards to the merger proposal between Bank Sohar and Bank Dhofar, recently announced that it has received a letter from Bank Dhofar, advising the completion of the preliminary study by an external party.

Bank Dhofar has proposed a preliminary swap ratio, which will be subject to the completion of a due diligence exercise and obtaining the necessary appro­vals. Bank Sohar said its board will consider the contents of the letter in its forthcoming meeting and take necessary decisions on the future course of action.

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