MUSCAT: In a strategic move reaffirming their commitment to Oman's banking sector, Royal Court Affairs (RCA) and Oman International Development and Investment Company SAOG (Ominvest) have successfully acquired the stake previously held by Dubai Financial Group (DFG) in Bank Muscat, Oman's leading financial institution.
This transaction marks a significant milestone, strengthening the positions of both RCA and Ominvest in the Omani banking landscape and demonstrating their confidence in Bank Muscat's growth trajectory.
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RCA's acquisition of 266.326 million shares has increased its total ownership to 2.049 billion shares, while Ominvest, in parallel, secured 440 million shares, elevating its stake to 478 million shares.
In an announcement filed with Muscat Stock Exchange (MSX) on November 8, 2023, Ominvest disclosed receiving approval from the Central Bank of Oman to augment its shareholding in Bank Muscat to 15%.
“This strategic acquisition highlights the robust fundamentals of the Omani banking sector and underscores the appeal of Bank Muscat as a lucrative investment opportunity,” a market expert said.
“The anticipated synergies from this acquisition position RCA and Ominvest to leverage their strengths and expertise, further contributing to the growth of Bank Muscat's operations,” he added.
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