Bank Dhofar informs Bank Sohar about merger terms

25/04/2016 08:27 AST

BankDhofar on Sunday said it has communicated to Bank Sohar the terms on which it is willing to proceed with a proposed merger. This follows completion of financial and legal due diligence for the merger between the two banks.

“Those terms are now being considered by Bank Sohar and may be subject to further discussion and negotiation between the banks and, therefore, should remain confidential. It is in the best interests of the shareholders to keep the terms of those discussions confidential, so as to allow discussions between the parties,” both banks said, in separate disclosure statements posted on the Muscat Securities Market website.

If and when an agreement is reached on the merger, disclosure of the agreed terms will be made available to the market and approval will be sought from regulators and the bank's shareholders.

“We shall keep the market informed of any further developments through suitable disclosures, in line with the disclosure requirements. You are encouraged to seek professional advice before making any related investment decisions,” the statement added.


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