Mubasher: Al Anwar Holdings Company on Tuesday said it purchased a 43.51% stake in the Canadian Innovation Company for Education Services, which operates an international school in Muscat.

The value of this investment is OMR 4.35 million ($11.26 million), the company said in a statement to the Muscat Securities Market (MSM).

It was expected that the acquisition process will take place on 4 April 2017 in the MSM's third market.

This investment is a strategic one, Al Anwar highlighted.

Last month, the Omani-listed company announced completing the sale of 1.3 million shares in Falcon Insurance Company at OMR 1.876 per share and at a total value of OMR 2.444 million.

Al Anwar last reported achieving profits of OMR 3.68 million for the nine months ended on 31 December 2016 up 36.8%, compared to OMR 2.699 million in the same period of 2015.

The stock rose 2.36% at the beginning of Tuesday’s trading session to OMR 0.216, after 356,700 shares were traded at a turnover of OMR 77,240.