Oman Arab Bank SAOC (OAB) has approved changing the legal status of the bank from an SAOC to SAOG through an Initial Public Offering (IPO) of 25 per cent of its outstanding issued share capital.
The nod came at an extra-ordinary general meeting (EGM) of OAB held earlier this week, shareholder Oman International Development & Investment Co SAOG (Ominvest) announced yesterday in a disclosure notification to the Capital Market Authority.
Of the 290,000,000 shares (of nominal value of RO 0.100 each) that will be offered for public subscription, 243,600,000 (21 per cent) will come from Ominvest’s stake in OAB. The remainder, amounting to 46,400,000 (4 per cent), will come as a result of Arab Bank plc’s disinvestment in OAB.
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