Ahlibank planning to fully acquire Taageer Finance
18 Feb 2013 05:27 GMT
 

The price consideration range being 176bz to 177.5bz per share." The consideration price is inclusive of cash and stock dividends and will be a (more)

The price consideration range being 176bz to 177.5bz per share." The consideration price is inclusive of cash and stock dividends and will be adjusted downwards to reflect cash/stock dividends received by Taageer Finance shareholders, if paid based on financials for the year ended December 31, 2012, and thereafter, the bank said. Taageer Finance shares closed Sunday's trading unchanged at 188bz. Speaking to Muscat Daily, Abdulaziz al Balushi, CEO of Ahlibank, said that the bank is looking for a 100 per cent acquisition of Taageer Finance . "We have signed the MoU with Taageer and are hopeful of completing the acquisition in the next three months time, subject to all the necessary approvals and satisfactory due diligence.

He said that Ahlibank is focused on the SME sector, in line with His Majesty the Sultan's vision of developing the sector in the sultanate. "The acquisition, if it becomes a reality, will help the bank increase its presence in the SME sector and in the development of our Islamic banking business," Balushi added.

Taageer Finance , in its disclosure to MSM, confirmed that the possibility of selling the company is subject to Ahlibank's due diligence and Taageer Finance obtaining the necessary regulatory and shareholder approvals. Taageer 's net investment in finance leases stood at RO92mn as of end 2012, around ten per cent higher compared to RO83.7mn in 2011. The company posted a net profit of RO3.9mn in 2012, up 21.4 per cent from RO3.2mn in 2011. Last year, Ahlibank acquired Middle East Brokerage Services to get into investment banking. Ahlibank shares rose 1.13 per cent to 179bz on Sunday.

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