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Oman’s NBFCs report RO10.7mn exposure to troubled Darvesh Group

25 Jan 2021

Apart from the local banks, three Omani non-banking finance companies (NBFCs) have also announced a combined exposure of RO10.75mn to the troubled Darvesh Group.

National Finance Company, through a disclosure to the Omani bourse, confirmed that as on December 31, 2020 it has a total exposure of RO6.342mn to DarveshGroup which includes AbouNabil LLC, Gulf Star LLC and Mega Muscat International LLC. ‘All these accounts are classified as non-performing loans under IFRS 9 and reported accordingly in our financials,’ National Finance added.

In a separate disclosure to the Muscat Securities Market, Al Omaniya Finance Services Company said its total exposure to Darvesh Group (which includes AbouNabil LLC, Gulf Star LLC and Mega Muscat International LLC) is RO2.74mn as of December 31, 2020.

Taageer Finance Company also confirmed to the local bourse that its total exposure to AbouNabil LLC stands at RO1.665mn as of December 31, 2020.

All the three NBFCs said that they have adequate provision coverage towards the exposure to Darvesh Group as per regulatory and accounting standard requirements.

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