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OIFC, Gulf Investment Services merger receives CMA nod

21 Feb 2021

Oman Investment and Finance Company (OIFC) on Sunday announced that it has received the approval of the Capital Market Authority (CMA) on the prospectus of its merger with Gulf Investment Services Holding Company.

The proposed merger between OIFC (the merging company) and Gulf Investment Services (the merged company) under which Gulf Investment Services will merge into OIFC, as per the Commercial Companies Law, was approved by the shareholders of both companies on December 29, 2020.

Earlier in December, OIFC and Gulf Investment Services announced the completion of the due diligence reports on the proposed merger and their respective boards of directors had recommended to the shareholders to approve the merger plan.

‘We wish to advise our shareholders that we have received OIFC’s revised commercial registration, which the Ministry of Commerce, Industry and Investment Promotion has approved on February 17, 2021 and after the expiry of the statutory period for creditors to submit their objects on the merger as no objection was raised. We have also received the approval of the CMA on the prospectus of the merger with Gulf Investment Services,’ OIFC said in a disclosure submitted to the Muscat Securities Market on Sunday.

OIFC added that Muscat Depository and Clearance Company will distribute to the shareholders of Gulf Investment Services the considerations determined by the extraordinary general meeting of shareholders, as per the applicable rules and regulations.

OIFC and Gulf Investment Services both are listed on the Muscat Securities Market.

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