Please wait...
GulfBase Live Support
- Omani bourse extends rally as financial sector leads
- CBO issues treasury bills worth OMR26.250 million
- Closing Bell: Saudi main index sheds points to settle at 12,109.94
- Annual trade between Qatar and Jordan hits $248m
- Saudi Arabia, Japan strengthen investment ties with strategic MoU
- Saudi banking sector boosted by flurry of debt, sukuk issuances
- Ministry of Commerce issues decision on principles of governance for closed joint-stock companies
- Madayn's cumulative investment volume up by OMR1 billion in 5 years
- Aldar raises $2.45bn in sustainability-linked credit facility
- Why should UAE investors remain bullish on crypto market in 2025?
25/08/2015 08:17 AST
Talks for a possible takeover of Oman's United Finance by Al Omaniya Financial Services have broken down and will not progress any further, the two sides said on Monday.
The board of United Finance met on Sunday to discuss the proposal but decided that Al Omaniya had not made "an acceptable financially binding offer", according to a United Finance bourse filing which did not elaborate further.
In a separate bourse filing, Al Omaniya said it had submitted a non-binding bid which was subject to due diligence. United Finance then "insisted on a commercially binding offer before the due diligence", a condition which Al Omaniya did not want to accept and so talks ended.
United Finance has a market capitalisation of $113.8 million, according to Reuters data, while Al Omaniya's market value is $197.8 million.
Al Omaniya's was the final offer left on the table after an initial three-way battle among financial institutions in the sultanate for United Finance, which offers loans and leasing services as well as corporate deposits.
In May, United Finance invited National Bank of Oman, Bank Nizwa and Al Omaniya to participate in a bidding process. The other two institutions later decided not to bid, leaving Al Omaniya as the only potential purchaser.
Shares in both United Finance and Al Omaniya didn't trade on Monday as the main Muscat bourse was again buffeted by global market turbulence, closing 3 percent down.
Trade Arabia
31/01/2018
The board of United Finance Company has proposed to reduce the company's paid up capital from OMR34.91 million to OMR25 million. This will be done by returning the par value of the shares (100 baisa
Times of Oman
01/07/2015
Al Omaniya said separately that it had submitted an indicative bid to buy 100 per cent of the shares in United Finance.
Oman's United Finance said on Tuesday its board was considering a no
Gulf News
14/05/2015
United Finance Co (UFC) has invited National Bank of Oman, Bank Nizwa and Al Omaniya Financial Services to participate in a merger and acquisition bidding process, Reuters said yesterday, citing a fi
Oman Daily Observer
13/01/2025
Aldar Properties, Abu Dhabi's biggest listed developer, has raised Dh9 billion ($2.45 billion) in a sustainability-linked revolving credit facility from a syndicate of 15 UAE-based and international
The National
12/01/2025
Ooredoo announced on Sunday the appointment of Sheikh Nasser bin Hamad al-Thani as the new chairman of Ooredoo Kuwait.
Most recently, Sheikh Nasser was appointed as Group Regional CEO for th
11/01/2025
One of the fastest-growing logistics businesses in Mena region, GWC has marked "20 years of excellence and innovation", achieved significant milestones and won prestigious awards, solidifying its pos
Gulf Times
11/01/2025
Almarai, the world's largest vertically integrated dairy company and the world's fourth most valuable dairy brand in 2024, has successfully implemented RISE with SAP on Google Cloud. This milestone m
Saudi Gazette
05/01/2025
Elm, a pioneer in digital solutions, enhanced its brand identity, reflecting the company's ambitious and prominent objective. Leveraging comprehensive knowledge, a forward-thinking mindset, and a pro
Financial Information Co.