Update on the Proposed Merger Between OMINVEST and ONICH

On 30^th December 2014, Oman International Development and Investment Company SAOG (“OMINVEST”) and Oman National Investment Corporation Holding SAOG (“ONICH”) signed a Memorandum of Understanding (“MOU”) to explore the viability of a Merger between the two companies. The MOU was disclosed to MSM on 31^st December 2014. We are pleased to provide additional update below. 

On 19^th April 2015, the Board of Directors of OMINVEST met to review the findings of the due diligence completed by the Consultants engaged by both the companies. The Board concluded that the results of the due diligence were quite satisfactory and supported the case for the proposed Merger. As a result, the Board has approved the proposed Merger on the same terms as outlined in the MOU.

The proposed Merger will be subject to approvals from the shareholders of OMINVEST and ONICH and all necessary legal, regulatory, and other approvals including the approvals required from the Central Bank of Oman, Capital Market Authority, and the Ministry of Commerce and Industry.

Further details on the proposed Merger will be included in an Information Memorandum, which will be provided to the shareholders at the Extraordinary General Meeting (EGM) to be convened in the due course.