Merger of Oman Arab Bank, Alizz Islamic makes headway

Oman Arab Bank (OAB) has announced that it is moving ahead with its planned takeover of Alizz Islamic Bank (AIB).

Ominvest, the parent company of Oman Arab Bank, stated in a filing to the Capital Muscat Authority (CMA) on Monday that shareholders holding more than 90 per cent of the shares of Alizz Islamic Bank have now accepted the takeover offer.

It follows last week’s announcement that Oman Arab Bank, acting in concert with a trust established by Ominvest and Arab Bank Plc, planned to acquire 100 per cent of the issued share capital of Alizz Islamic Bank in line with the takeover and acquisition regulations issued by the Capital Market Authority.

“We would like to announce that shareholders holding more than 90 per cent of the shares in AIB have accepted the Takeover Offer by submitting their Acceptance Forms to the Offer Manager,” said Ominvest in its filing.

“Accordingly, as approved by the CMA, the Offeror hereby announces that they are proceeding with the compulsory acquisition of the remaining AIB shares held by those AIB shareholders who did not respond to the Takeover Offer by the offer closing date, June 28, 2020,” it stated.

A similar announcement was also made by Alizz Islamic Bank in a separate disclosure filing.

Accepted the Takeover Offer by submitting their Acceptance Forms to the Offer Manager,” said Ominvest in its filing.  “Accordingly, as approved by the CMA, the Offeror hereby announces that they are proceeding with the compulsory acquisition of the remaining AIB shares held by those AIB shareholders who did not respond to the Takeover Offer by the offer closing date, June 28, 2020,” it stated.