Thursday, March 28, 2024 | Ramadan 17, 1445 H
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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Oman Arab Bank completes takeover of Alizz Islamic

Alizz Islamic Bank Head Office(1)
Alizz Islamic Bank Head Office(1)
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Alizz Islamic Bank has announced the completion of the takeover offer initiated by Oman Arab Bank (OAB).


The transaction stems from a proposal, first unveiled by Oman Arab Bank last month, to acquire 100 per cent of the issued share capital of Alizz Islamic Bank.  The Offeror was a trust established by OAB’s parent company, Ominvest, and Arab Bank plc, acting in concert with Oman Arab Bank.


In a filing to the Capital Market Authority (CMA) on Wednesday, Alizz Islamic Bank stated that the Takeover Offer has received acceptance from AIB shareholders representing 93.37 per cent shareholding.


Accordingly, AIB shareholders (representing 77.29 per cent shareholding) who opted for Consideration Shares have been allotted OAB shares based on the swap ratio. AIB shareholders (representing 16.08 per cent shareholding) who opted for Cash Consideration have their shares acquired by the Trust, with the requisite cash transferred to Muscat Clearing and Depository Company (MCDC) for further transfer to the shareholder’s bank account.


“Shareholding of the balance AIB shareholder (representing 6.63 per cent shareholding) who did not respond to the Takeover Offer, have been compulsorily acquired and OAB shares have been allotted to them based on the swap ratio,” said Alizz Bank in its filing.


“Eligible AIB Shareholders whose shares are compulsorily acquired may note that they have a 30-day window ending on 28 July 2020 to exchange their OAB shares for cash as per terms set out in the Offer Document,” it further noted.


Meanwhile, confirmation of Oman Arab Bank’s (OAB) successful conclusion of its acquisition of Alizz Islamic Bank (AIB) also came from OAB’s parent company here on Wednesday.


Oman International Development and Investment Company SAOG (Ominvest) said in a filing to the Capital Market Authority (CMA) that OAB’s shares will be listed on the Muscat Securities Market (MSM) in due course.


As part of the acquisition of Alizz Bank by OAB, Ominvest had sold 11.76 per cent of its stake in OAB to Arab Bank plc.


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