Oman International Development and Investment Company (OMINVEST) and Oman National Investment Corporation Holding (ONIC) have entered a memorandum of understanding (MoU) signed on December 30, 2014 to explore the possibility of a merger by incorporation.

A statement issued by OMINVEST noted that a merger agreement will be discussed and finalized, while “the initial understanding as per the MoU is that ONIC’s shareholders will be allotted such number of new voting shares in the capital of OMINVEST as equates to a post-merger 33% shareholding in OMINVEST.”

It added that such percentage is a preliminary indication of value and may be subject to change following due diligence.

OMINVEST will issue a more detailed disclosure in the near future, since the company is still at the early stages of negotiations.

It should be noted that the Company’s Board of Directors and shareholders will have to approve the merger, as well as all necessary legal, regulatory, and other approvals including ones required from the Central Bank of Oman, Capital Market Authority, the Ministry of Commerce and Industry, and other relevant authorities.

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