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Alizz Islamic’s stock hits 27M high on merger talks

Alizz Islamic’s stock hits 27M high on merger talks
The stock hit OMR 0.091; a level not seen since March 2015
Alizz Islamic Bank
BKIZ
0.00% 0.07 0.00

Mubasher: Alizz Islamic Bank’s stock jumped 2.3% during Tuesday’s mid-trades on the Muscat Securities Market (MSM) on the back of news that the bank was interested in merging with United Finance Company.

The stock reached OMR 0.088, after hitting OMR 0.091; a level not seen since March 2015.

Earlier on Tuesday, the Islamic bank expressed an interest in the “possibility of a strategic merger with United Finance Company subject to conducting due diligence.”

The bank highlighted that “no legally binding commitment” had been made and that the deal is subject to approval by Omani regulators and other stakeholders, according to a statement.

Alizz Islamic Bank last reported trimming its losses in the first quarter of 2017 by 42.5% to OMR 740,000, while United Finance had reported a year-on-year decline in profits by 34.2% during the period to OMR 757,000.