The Bank issued 161.57mn shares (representing 15% stake) at Dhs14.07 per share to Dubai Financial. With the completion of this transaction, the Bank's share capital has increased from Dhs873.18m to Dhs1027.78m.
Speaking on the occasion, Sheikh AbdulMalik bin Abdullah, Chairman, BankMuscat SAOG said "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, Dubai Financial Group has also nominated two directors into the Board of BankMuscat.
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BankMuscat successfully completes private placement with Dubai Financial Group
- Oman: Sunday, November 25 - 2007 at 10:09
- PRESS RELEASE
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BankMuscat SAOG (BankMuscat), Oman's leading bank, 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 Dhs2,274.10m.
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Posted by Lara Lynn Golden, News EditorSunday, November 25 - 2007 at 10:09 UAE local time (GMT+4)
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Notes and Media Contacts »
For more information:
Sukanti Ghosh, Head - Corporate Communications
BankMuscat SAOG
Ph: +968 99261325
Fax:+968 24787768
Or
Suha Al Raisi, Assistant Manager, Corporate Communications
BankMuscat SAOG
Ph: +968 24768595
Fax:+968 24787768
About BankMuscat (SAOG)
With assets worth over US $ 9.6 billion, BankMuscat (SAOG) is the largest bank in Oman today with a strong presence in Corporate Banking, Retail Banking, Investment Banking, Treasury, Private Banking and Asset Management. The Bank has a network of over 105 branches and over 250 ATMs in Oman, a branch in Riyadh, Saudi Arabia, and a representative office in Dubai (UAE). BankMuscat also has a strategic stake in Centurion Bank of Punjab, a private sector bank in India and BankMuscat International (BMI) an independent Banking entity that will be focused on becoming a truly GCC regional bank. The Bank has also recently acquired a 43% stake in the Mangal Keshav Group, one of the oldest and most respected securities houses in the fast-growing Indian equities market.
About Dubai Financial Group
Dubai Financial Group (DFG) is the financial holding company for Dubai Group, a member of Dubai Holding. Its core practice is the identification and acquisition of financial services companies, to build long-term value through state-of-the-art governance. Identifying opportunities across the banking, foreign exchange, brokerage and asset management sectors, DFG will reinforce the Group's position as the principal entity mandated to drive its activities in the regional and international markets. It has significant stakes in regional and global institutions such as Marfin Popular Bank, Thomas Cook India, Taib Bank, Global Investment House and Dubai Bank.
Media Inquiries:
Saloni Suri / Salma Al Habsi
ASDA'A Public Relations,
Exclusive Affiliate of Edelman PR Worldwide in Middle East and North Africa
Oman, Muscat
Tel: +968 24562762
Fax: +968 24562763
Sukanti Ghosh, Head - Corporate Communications
BankMuscat SAOG
Ph: +968 99261325
Fax:+968 24787768
Or
Suha Al Raisi, Assistant Manager, Corporate Communications
BankMuscat SAOG
Ph: +968 24768595
Fax:+968 24787768
About BankMuscat (SAOG)
With assets worth over US $ 9.6 billion, BankMuscat (SAOG) is the largest bank in Oman today with a strong presence in Corporate Banking, Retail Banking, Investment Banking, Treasury, Private Banking and Asset Management. The Bank has a network of over 105 branches and over 250 ATMs in Oman, a branch in Riyadh, Saudi Arabia, and a representative office in Dubai (UAE). BankMuscat also has a strategic stake in Centurion Bank of Punjab, a private sector bank in India and BankMuscat International (BMI) an independent Banking entity that will be focused on becoming a truly GCC regional bank. The Bank has also recently acquired a 43% stake in the Mangal Keshav Group, one of the oldest and most respected securities houses in the fast-growing Indian equities market.
About Dubai Financial Group
Dubai Financial Group (DFG) is the financial holding company for Dubai Group, a member of Dubai Holding. Its core practice is the identification and acquisition of financial services companies, to build long-term value through state-of-the-art governance. Identifying opportunities across the banking, foreign exchange, brokerage and asset management sectors, DFG will reinforce the Group's position as the principal entity mandated to drive its activities in the regional and international markets. It has significant stakes in regional and global institutions such as Marfin Popular Bank, Thomas Cook India, Taib Bank, Global Investment House and Dubai Bank.
Media Inquiries:
Saloni Suri / Salma Al Habsi
ASDA'A Public Relations,
Exclusive Affiliate of Edelman PR Worldwide in Middle East and North Africa
Oman, Muscat
Tel: +968 24562762
Fax: +968 24562763
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