Oman Investment and Finance Company (OIFC) and Gulf Investment Services Holding Company have completed the due diligence reports on a proposed merger between two companies and their respective boards of directors have recommended to the shareholders to approve the merger plan.
In October this year, OIFC and Gulf Investment Services Holding had announced that they are considering a potential merger between the two entities.
The board of directors of OIFC in a meeting reviewed the commercial and legal diligence reports prepared by the consultancy firms appointed by the board to advise on the merger with Gulf Investment Services Holding.
‘After presenting the results of the due diligence, the board of directors has recommended to the shareholders to approve the proposed merger,’ OIFC said in a disclosure filed to the Muscat Securities Market on Sunday.
In a separate disclosure to the Muscat Securities Market, Gulf Investment Services Holding also confirmed that its board of directors held a meeting on Saturday with regard to the company’s merger with OIFC.
‘After reviewing the commercial and legal diligence reports, the board recommends to the shareholders to approve the proposed merger with OIFC,’ Gulf Investment Services Holding said.
Both OIFC and Gulf Investment Services Holding said that their boards’ recommendations are subject to the approval of regulators, the shareholders during their extraordinary general meetings, and meeting all legal requirements.
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