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BankMuscat successfully completes Private
Placement with Dubai Financial Group
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Muscat/Dubai. 24 November 2007: BankMuscat
SAOG (BankMuscat), Oman’s leading bank, recently
announced that it has completed the private
placement of 15% of its stake with Dubai
Financial Group (“Dubai Financial”), the
financial holding company of Dubai Group, member
of Dubai Holding, for a total consideration of
RO 238.3mn. |
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The Bank
issued 161.57mn shares (representing 15%
stake) at RO 1.475 per share to Dubai
Financial. With the completion of this
transaction, the Bank’s share capital has
increased from RO. 91.5mn to RO. 107.7mn.
Speaking on the occasion, Sheikh AbdulMalik
bin Abdullah, Chairman, BankMuscat SAOG
said: |
Sheikh AbdulMalik bin Abdullah, Chairman,
BankMuscat |
“We are
glad to announce that our transaction with Dubai
Financial Group is now formally complete. We are
especially glad that we have been able to
complete the same with our 37th National Day
celebrations. This transaction, we believe, is
another significant milestone in the realization
of the vision of our beloved leader, His Majesty
Sultan Qaboos bin Said, to build a stronger,
more integrated GCC region, as this will lead to
stronger economic and business ties between the
Sultanate and the United Arab Emirates. ”
Thanking the regulatory authorities in Oman,
Sheikh AbdulMalik said:
“We would like to take this opportunity to
also thank the regulatory authorities in Oman
for providing us with timely support for the
successful completion of the transaction. We are
confident that this move will spur the bank to
far greater heights – not only as a result of
the infusion of fresh capital into the system,
but also as a result of the vision of both
partners to build world-class organizations. We
are sure this will deliver far greater value to
our family of shareholders and stakeholders
alike.”
Earlier this year, BankMuscat announced plans
for a private placement with Dubai Financial
Group, in an attempt to further enhance its
capital adequacy, fuel asset growth and lend
further momentum to its domestic and
international growth plans. The transaction was
approved by the Bank’s shareholders and
regulatory authorities in Oman.
In keeping with the agreed terms of the overall
transaction, DFG has also nominated two
directors into the Board of BankMuscat.
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