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Ominvest looking to sell stake in banking arm
- Oman: Thursday, December 20 - 2012 at 00:12
Oman International Development and Investment Co (Ominvest) has said it is exploring potential stake sales in its banking arm, Oman Arab Bank, on top of existing plans to list part of its unit on the Muscat bourse, Reuters has reported. "At present, the board of directors of Ominvest is also exploring possible opportunities for selling additional part(s) by way of private placement concurrently with the IPO," the firm said, adding further details would be provided once firm plans were in place. The IPO will see 290 million shares offered to the public, of which 84% of the total will be contributed by Ominvest and the remainder by Jordan-based Arab Bank, which currently controls 49% of OAB's shares.
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