Al Anwar to sell its 9% stake in Ominvest to ONIC for RO31mn

Al Anwar Holdings Co on Sunday entered into a share sale and purchase agreement with Oman National Investment Corporation (ONIC) for the sale of its nine per cent stake in Ominvest for a total consideration of RO31.15mn. ONIC is a subsidiary of Oman International Development and Investment Company (Ominvest).

The agreement is for the sale of 62.94mn shares of Ominvest held by Al Anwar Holdings at a price of 495bz per share, accord- ing to a disclosure filed by Al Anwar Holdings to the Muscat Securities Market (MSM).

Al Anwar Holdings said this transaction will have a positive impact of around RO3.67mn on its profit and loss account for the financial year 2017-2018. 'The sale proceeds from this transaction shall be utilised towards partial debt repayment and making opportune investments going forward. Post this transaction Al Anwar Holdings along with its subsidiaries shall have a 1.15 per cent stake in Ominvest,' Al Anwar Holdings said.

Al Anwar Holdings on Sunday also entered into a portfolio sale and purchase agreement with Ominvest to acquire an investment portfolio comprising Ominvest's investments in three Omani companies. In a separate disclosure to the MSM, Ominvest confirmed the signing of the agreement with Al Anwar Holdings for the sale of its shareholdings in Oman Chlorine Co (15.11 per cent), National Detergent Co (20.94 per cent) and National Biscuit Industries Co (28.92 per cent) for a total consideration of RO11.56mn.