CMA appeals for fairness and integrity in Ahli Bank takeover and acquisition process

MUSCAT: The Capital Market Authority (CMA) has urged the two suitors in the Ahli Bank acquisition exercise to exercise the “highest standards of integrity and transparency, as well as ensure fair treatment to all Ahli Bank shareholders” in structuring their offers.

In a statement issued here on Wednesday, the Authority said it was closely monitoring the disclosures published on the Muscat Stock Exchange (MSX) website by Bank Dhofar SAOG and Ominivest LLC on their respective offers to acquire the shares of publicly traded Ahli Bank. It is also responding to queries submitted to the CMA or posted on the Authority’s social media platforms from shareholders and other stakeholders involving in the takeover and acquisition offer.

“The CMA would like to confirm to all shareholders that this matter is regulated by the provisions of the Takeover and Acquisition Regulations issued by CMA’s Decision No 2/2019 dated May 9, 2019 and all the parties taking part in the takeover and acquisition process must comply with the regulations, specifically the provisions of Article (5) of the Takeover and Acquisition Regulations. These provisions calls for observing the highest standards of integrity, transparency and providing fair treatment to all shareholders, while avoiding the selective release of information targeted at shareholders in the takeover offer. Information that misleads market players and the general public must be strictly eschewed as well.”

The Authority also called on the Investor Relators departments of the two suitors to open channels of communication with the public in accordance with the Directives for Interaction between the public joint stock companies, analysts, investors and reporters issued vide CMA’s Decision No. 109/2022.