The investment sees Bahraini bank AUB take what should eventually be a 35 per cent stake and IFC take a 9.9 per cent stake in AHB. AHB increased its capital from RO21m to RO64m, through private placements to AUB and IFC, and a bonus share issues to all shareholders.
AHB is listed on the Muscat Securities Market with assets of US$515.5m.
The transaction is expected to complete shortly, following which AHB will convert from a housing bank to a fully fledged commercial bank, with AUB providing technical and management support.
"This is an important transaction for AHB, providing them with the resources to diversify beyond their traditional business as a specialised real estate bank and establish a larger presence in the Oman banking market," says Muscat managing partner Paul Sheridan.
Paul led the Denton Wilde Sapte team with assistance from lawyers Hashim AbdelMalik, Dianne Hamilton and trainee Archie Campbell.
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Denton Wilde Sapte advises on major Oman bank link-up
- Oman: Thursday, December 13 - 2007 at 15:59
- PRESS RELEASE
Denton Wilde Sapte's Muscat office has advised Alliance Housing Bank S.A.O.G. (AHB) on a RO64m capital increase and bonus issue of shares, resulting in a substantial investment by Ahli United Bank B.S.C. (AUB) and the International Finance Corporation (IFC) in AHB.
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This e-mail is from Denton Wilde Sapte LLP in London.Address: One Fleet Place, London EC4M 7WS, UK.
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Posted by Lara Lynn Golden, News EditorThursday, December 13 - 2007 at 15:59 UAE local time (GMT+4)
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