Bank Sohar Gains on Bets Dhofar Merger to Succeed: Muscat Mover - Bloomberg

Bank Sohar Gains on Bets Dhofar Merger to Succeed: Muscat Mover - Bloomberg:

"Bank Sohar jumped to the highest level in almost three years on bets the lender will combine with Bank Dhofar SAOG to create Oman’s second-biggest bank.
Shares of the Muscat-based lender increased 2.8 percent to 0.218 rial, the strongest level October 2010, at the close in the Omani capital, taking its advance this week to 7.4 percent. Volume rose to 4.4 million shares, or 2.1 times the the stock’s three-month daily average. Bank Sohar was the biggest gainer on the benchmark MSM30 Index (MSM30), which climbed 0.6 percent.
Bank Dhofar will start talks with smaller competitor Bank Sohar “to explore the possibility of merger between,” the larger lender’s board said in a statement July 16, potentially creating an Omani bank with $10 billion in assets. The proposal is subject to interest of Bank Sohar, due diligence and regulatory approvals, it said. Bank Dhofar shares fell 0.3 percent, trimming this week’s gain to 1.9 percent."

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