Oman Investment Fund acquires 41.13% stake in Oman National Investment Corporation Holding
- Oman: Thursday, February 28 - 2013 at 14:12
- PRESS RELEASE
Oman Investment Fund ('OIF') a sovereign wealth fund of the Sultanate of Oman, announces that it has acquired a 41.13% holding, representing 71,323,988 shares, in the Oman National Investment Corporation Holding SAOG ('ONIC Holding' Ticker: ONIC) from Dubai Insurance Group ('DIG'), a subsidiary of Dubai Group, a diversified financial services company.
Fadel Al Ali, Acting CEO, Dubai Group said: "We are very pleased that the Oman Investment Fund is acquiring our interest in ONICH and we believe that they are the right partner to support the Group in its next phase of growth in Oman and other GCC countries. This is a strategic decision for DIG and is part of our stated plan to sell down assets in order to support our broader ongoing restructuring process."
Hassan Al-Nabhani, Chief Executive Officer of Oman Investment Fund commented; "We are delighted to have been able to acquire a significant shareholding in ONIC Holding. This investment demonstrates Oman Investment Fund focus on strong businesses in the Omani market in which we will seek to actively participate with fellow shareholders to assist in their further development. We look forward to working closely with the Board to develop further opportunities for growth both in Oman and the broader region."
Articles in this section are primarily provided directly by the companies appearing or PR agencies which are solely responsible for the content. The companies concerned may use the above content on their respective web sites provided they link back to http://www.ameinfo.com
Any opinions, advice, statements, offers or other information expressed in this section of the AMEinfo.com Web site are those of the authors and do not necessarily reflect the views of Mediaquest FZ LLC. Mediaquest FZ LLC is not responsible or liable for the content, accuracy or reliability of any material, advice, opinion or statement in this section of the AMEinfo.com Web site.