Muscat: HSBC Oman has now merged with and into Sohar International and all of HSBC Oman's rights, obligations, assets (including contracts and employees) and liabilities have been transferred to Sohar International by operation of law (as a going concern). Sohar International has announced the completion of the merger with HBSC Oman of August 17, 2023.
A statement from Sohar International said that HSBC Oman has been delisted from the Muscat Stock Exchange (MSX) pursuant to MSX Administrative Decision No 85/2023, its commercial registration maintained with the Ministry of Commerce, Industry and Investment Promotion (MOCIIP) has been canceled.
"HSBC's separate corporate existence and distinct legal personality has now ceased to exist, and all its shares have been canceled," Sohar International said.
Sohar International received a confirmation from Muscat Clearing and Depository that all the shareholders of HSBC Oman have received their full consideration for the Merger, either in the form of cash, fully paid-up shares in Sohar International, or a combination of the two, in accordance with the terms of the merger agreement dated November 15, 2022.