banking

Qatari lender gives up bid for additional stake in NBO

July 13, 2021

MUSCAT: National Bank of Oman (NBO) announced on Monday that Qatari lender Commercial Bank PSQC (CB) has withdrawn its offer to acquire an additional 15.2 per cent of the issued capital of NBO. It comes as CB’s offer failed to muster the required interest from NBO shareholders.

In a filing to the Capital Market Authority (CMA), Abdullah Zahran al Hinai, CEO of NBO, said: “The CB announced, through its Offer Manager, that the offer of acquisition has been accepted by certain shareholders of NBO, representing 7.74 per cent of the shares of the issued capital of NBO. Since the acceptance by NBO shareholders is less than the 15.2 per cent minimum threshold acceptance by CB the acquisition, Commercial Bank has decided to exercise the option of withdrawing the offer in its entirety.”

Last month, the Qatari bank launched a public offer to acquire an additional 15.2 per cent of the issued share capital of NBO, a move that would increase the former’s stake in the Omani lender to 50.1 per cent. The offer opened on June 10, 2021 and closed on July 11, 2021.

omanobserver

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