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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Abra Holdings seeks additional 15.42% stake in Oman Cement

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MUSCAT: Abra Holdings Ltd (Abra) has announced a public offer to acquire an additional 15.42 per cent of the issued share capital of the Oman Cement Company SAOG (OCOI), a move that would increase the former’s stake in OCOI to 75.0 per cent.


The offer opens on June 14, 2023 and closes on June 25, 2023 against an offer price of RO 0.379 per OCOI share which represents a (1) 17.3 per cent premium versus the Volume Weighted Average Price (VWAP) since January 1, 2023; (2) 16.4 per cent premium versus the last three months' VWAP; and (3) 13.5 per cent premium versus the closing price of June 4, 2023, Abra Holdings Ltd stated.


Earlier, on April 5, 2023, Abra acquired a 59.58 per cent stake in OCOI from the Investment Authority SPC, a wholly-owned subsidiary of the Oman Investment Authority (OIA). According to the Takeover and Acquisition Regulation issued by the Capital Market Authority, the completion of this acquisition has triggered the obligation for Abra to make an offer to the remaining shareholders based on the price per share of the final consideration paid by Abra to Investment Authority SPC, i.e. RO 0.379 consisting of RO 0.366 paid at closing of the acquisition and a post-closing adjustment of RO 0.013."


In line with this, Abra is offering to buy from minority shareholders an additional 15.42 per cent of the issued share capital of OCOI which would increase its total shareholding in OCOI to a total of 75 per cent from 59.58 per cent currently.


“Abra will contribute to the development of operations at OCOI, increase its production efficiency, and enhance its competitiveness locally and regionally, in addition to enhancing the positive image of the Omani industrial sector in general,” the statement added.


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