OIFC approves terms of merger with DIDIC

Muscat: OIFC approves terms of merger with Dhofar International Development and Investment Holding Company SAOG (DIDIC)

In a disclosure to Muscat Stock Exchange the company said: “Further to the disclosures made on 12 Feb 2023 and 1 June 2023 with regard to the proposed merger with Dhofar International Development and Investment Holding Company SAOG (DIDIC). We would like to announce that following a careful consideration, the Board of Directors of Oman Investment and Finance Co.SAOG the Company’ has approved the proposed merger terms and conditions in its meeting held on Thursday 1 June 2023.

Pursuant to the merger offer, the value of the Company was determined at RO 25,200,000 (twenty-five million and two hundred thousand Omani Rials). The swap ratio offered to the shareholders of the Company is 0.3488 shares of the merged entity for every owned share of the Company. Accordingly, 86,809.825 shares in the merged entity will be allocated to the Company’s shareholders.

The Board of Directors of the Company believes that the Merger is in the interests of the shareholders of OIFC and has therefore approved the calling of an extraordinary general meeting of the shareholders of OIFC (the EGM) to consider the Merger and to present the shareholders of OIFC with an explanatory statement including the terms and conditions of the Merger, and other applicable laws and regulations, with the recommendation of the Board to vote in favor of the Merger and each of the EGM resolutions.

In addition to the approval of the shareholders of two companies, the Merger remains subject to the approval of competent authorities. There will be no immediate change as a result of today’s disclosure. Both companies will remain independent and continue to operate their business as usual service until the Merger is completed.

A separate announcement will be made in relation to the date, time and agenda of the EGM in due course and in accordance with applicable laws.”