Mubasher: National Finance on Wednesday reported that it received a preliminary approval from Oman ORIX Leasing about its previously proposed cash buyout offer.

ORIX’s response came after the approvals of the shareholders of the two companies and from the relevant Omani regulatory authorities.

National Finance’s offer stands at a price of 1.2x the ending book value of ORIX as at 31 March (the cut-off date).