Oman International Development and Investment Co (Ominvest) is looking for possible opportunities to sell an additional stake in its banking subsidiary, Oman Arab Bank (OAB), concurrently with its plan to divest up to 21 per cent of its shares in OAB in the bank's long-awaited initial public offering (IPO).
In a filing to the Muscat Securities Market (MSM) on Wednesday, Ominvest said, Few disclosures were made during this year regarding OAB and Ominvest's intent to sell part of its shares in OAB not exceeding 21 per cent in an initial public offering [IPO].
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. Once the decision is made in this regard, appropriate disclosure will be made, Ominvest said.
Earlier this year, OAB's board of directors as well as the Capital Market Authority (CMA) approved OAB's plan to float an IPO to dilute 25 per cent of its total issued share capital.
Ominvest and Jordan-based Arab Bank, the two partners in OAB, will offload 290mn shares in the IPO.
Ominvest, which owns a majority 51 per cent stake in OAB, will offer 243.6mn shares or 21 per cent of OAB's share capital, while 46.4mn shares or four per cent of OAB's share capital will be offered by Arab Bank, which owns a 49 per cent stake in OAB.