United Finance Co on Wednesday said its board of directors decided to decline the proposed offer for a potential merger with alizz islamic bank.
In a filing to the Muscat Securities Market, the bank said its board insists on receiving an offer for full cash acquisition. United Finance board met on Tuesday to discuss the alizz islamic bank’s offer.
Oman Power and Water Procurement Co (OPWP) has deferred the Misfah independent power project (IPP) for at least one year as the company identified a reduction in forecast demand for electricity.
Nama Group might look to defer the proposed initial public offering (IPO) of Muscat Electricity Distribution Co (MEDC) due to unfavourable market conditions.
Nama Group, a conglomerate of companies engaged in production, procurement, distribution and transmission of electricity in the sultanate, reported total revenue of around RO1.12bn for 2016, an increase of around two per cent compared to previous year revenue.
GCC governments’ financing needs are estimated to be around US$275bn between 2017 and 2019, according to S&P Global Ratings.
Fitch Ratings revised Oman’s outlook to ‘negative’ from ‘stable’ and affirmed the sovereign’s long term foreign- and local-currency issuer default ratings (IDRs) at ‘BBB’.
Al Ahlia intends to offer 25mn shares through its IPO followed by listing on the Muscat Securities Market (MSM). Bank Muscat’s investment banking division is the financial advisor and the sole issue manager for the transaction.
Following the US Fed’s interest rate hike on Wednesday, the central banks in Saudi Arabia, Bahrain, United Arab Emirates and Qatar raised their key policy rates.