Bank Muscat sells minority stake as part of $620m Octal deal
Published: 03:02 PM,Feb 02,2022 | EDITED : 06:02 PM,Feb 02,2022
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BUSINESS REPORTER
MUSCAT, FEB 2
Bank Muscat has sold its 4.99 per cent stake in Octal Holding, along with the other shareholders of the latter firm, to Alpek Polyester, a petrochemicals company incorporated in Mexico.
In a filing to the Capital Market Authority (CMA), Bank Muscat said it is entitled to around RO 11.9 million ($31 million) from the transaction, given that Alpek had offering to acquire 100 per cent of Octal Holding for a consideration of $620 million.
In comparison, the carrying value of its 4.99 per cent stake in Bank Muscat’s book as of December 31, 2021 was RO 4.2 million, it added.
MUSCAT, FEB 2
Bank Muscat has sold its 4.99 per cent stake in Octal Holding, along with the other shareholders of the latter firm, to Alpek Polyester, a petrochemicals company incorporated in Mexico.
In a filing to the Capital Market Authority (CMA), Bank Muscat said it is entitled to around RO 11.9 million ($31 million) from the transaction, given that Alpek had offering to acquire 100 per cent of Octal Holding for a consideration of $620 million.
In comparison, the carrying value of its 4.99 per cent stake in Bank Muscat’s book as of December 31, 2021 was RO 4.2 million, it added.