NPLs: Capital Market Authority directs listed banks, NBFCs to disclose details of non-performing loans of struggling conglomerate -
MUSCAT, JAN 25
Omani banks and financial institutions have so far revealed direct and indirect exposure to the tune of RO 39 million to companies belonging to the embattled Darvesh Group, a multinational conglomerate with business interests in Oman, UAE, India and a number of European and African countries.
It follows a directive issued by the Capital Market Authority (CMA) requiring all publicly listed lenders in the Sultanate to share details of their exposure to the struggling business house.
Darvesh Group’s interests in the Sultanate include the well-known building materials firm Abou Nabil LLC, its associate Technovaa LLC, and Gulf Star Global LLC.
Sohar International Bank reported the biggest exposure, totalling RO 13.921 million to the beleaguered group. It included RO 10 million in legacy outstanding direct exposure to Abou Nabil and RO 3.921 million to Technovaa LLC.
HSBC Bank Oman announced an exposure of RO 1.95 million to Abou Nabil and RO 0.82 million to Gulf Star Global. Bank Muscat said it had a total exposure of RO 3.1 million, which include RO 2.1 million to Abou Nabil and RO 1 million to another Darvesh Group member. Ahli Bank said it is owed RO 3.711 million by Abou Nabil and RO 2.588 million by Gulf Star.
National Bank of Oman (NBO) announced exposures totalling nearly AED 63 million (approximately RO 6.6 million) to Darvesh Group members Elegant Industries and Megastar Industries.
National Finance, a non-banking financing company, said it is owed a total of RO 6.342 million by group members Abou Nabil, Gulf Star LLC and Mega Muscat International LLC.
Further disclosures are expected in the coming days.
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