OIF to acquire Al Anwar's 33.6% stake in Taageer
Published: Oct 01, 2014
Source: Muscat Daily


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OIF to acquire Al Anwar's 33.6% stake in Taageer

Oman Investment Fund (OIF) will acquire Al Anwar Holdings’ entire 33.63 per cent stake in Taageer Finance Co.

The board of governors of the Central Bank of Oman (CBO), at its meeting held on Monday, approved the sovereign wealth fund’s application to pick up the stake. Al Anwar Holdings, in a filing with the MSM on Tuesday, confirmed the central bank’s clearance for the sale.

“We are awaiting a formal approval from the CBO,” it added. In July, Al Anwar said it had signed the share-purchase agreement with a ‘local institution’ - the name of which it did not disclose - adding that the acquisition was subject to approval from CBO and CMA.

In a separate disclosure, Al Anwar said that the price agreed to was 162bz per share and that it expected to record a profit of RO269,000 in the group financials and RO2.84mn in parent company’s financials from the transaction.

Taageer Finance closed Tuesday’s trading at 153bz. Al Anwar is the largest shareholder in Taageer. Other major shareholders are Arab Investment Co (18.79 per cent) and Iran Foreign Investment Co (12.49 per cent).

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