Sohar International Bank SAOG has received CBO's in-principal approval to proceed with the proposed acquisition of a majority stake in Neo Group Limited - KSA.
"Sohar International announces that on December 2, 2025, it received CBO's in-principal approval to proceed with the Intended Acquisition, subject to completion of due diligence and final regulatory approvals in both the Sultanate of Oman and the Kingdom of Saudi Arabia," a statement said.
Sohar International will make further announcements as material developments occur in line with applicable regulatory requirements
Based on the disclosure made by Sohar International Bank to the MSX on August 12, 2025, Sohar International announced that it sought the in-principal approval of the Central Bank of Oman (CBO) to enter into a non-binding Memorandum of Understanding with Neo Group Limited UAE ("the "Seller") who owns 80% equity stake in Neo Group Limited KSA pursuant to which Sohar International would explore the possibility of acquiring a majority stake of up to 55% in Neo Group Limited from the seller
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