GulfBase Live Support
Leave a message and our representative will contact you soon
19/01/2017 07:52 AST
Al Anwar Holdings SAOG (AAH), an Oman-based company listed on the Muscat Securities Market, has announced that it will be divesting part of its holding in Falcon Insurance Company SAOC.
The company said in a filing to the Capital Market Authority that the divestment will take place under an Agreement for the Sale and Purchase of Shares (SPA) entered into by Al Anwar Holding and 13 minority shareholders of Falcon Insurance with Arabia Insurance Company SAL (acting through its subsidiaries Arabia SAL [holding company] and Lawrence Investment LLC [Under Formation]).
In accordance with the agreement, Al Anwar Holding will sell a 20.35 per cent stake at a price of RO 1.876 per share. The share purchase transaction is however, subject to Falcon Insurance simultaneously acquiring business, assets and liabilities of Arabia Insurance Company SAL (Oman Branch), in accordance with the terms of a Business Transfer Agreement signed by Falcon Insurance with Arabia Insurance Company SAL and Arabia Holding.
It is also subject to Falcon Insurance and Arabia Insurance Company obtaining approval for the transaction from the CMA, the Court, under article 39 of The Insurance Law and other regulatory authorities, as applicable.
“The transaction when concluded, would generate sales proceeds of RO 2.4 million for Al Anwar Holding, out of which 10 per cent sales proceeds would be retained under escrow account that would be released after completion of one year in accordance with the terms of escrow agreement,” Sanjay Kumar Tiwari, Acting Chief Executive Officer, Al Anwar Holding, said in the filing.
“The sale proceeds would be utilised to make new investments and/or to reduce the debt. The profit generated out the transaction would have no significant impact on the financials of Al Anwar Holding. It is expected that the transaction would be concluded by end of March, 2017,” he added
Oman Daily Observer
16/11/2017
AccorHotels, an international hotel chain, has signed a management agreement with Al Anwar Holdings SAOG for its brand new hotel — Novotel Muscat Athaiba. The agreement was signed by Masoud al Harthy
Oman Daily Observer
13/11/2017
Al Anwar Holdings (AAH) plans to sell its 9 per cent stake in Oman International Development and Investment Company (Ominvest) to Oman National Investment Corporation for OMR31.16 million. The compan
Times of Oman
07/08/2014
Al Anwar Holding said its net profit surged ahead by 28 per cent to OMR1.59 million for the first quarter ending June, 2014.
The investment company's total income also rose 26 per cent to
Times of Oman
Ticker | Price | Volume |
---|---|---|
SABIC | 114.77 | 5,915,941 |
SAMBA | 26.98 | 1,138,683 |
DARALARKAN | 13.47 | 74,648,349 |
05/04/2018
SABIC announced the successful completion of the pilot operation of the Methyl Methacrylate Monomer (MMA) and Poly Methyl Methacrylate (PMMA) plants and the commencement of commercial operations.
Saudi Gazette
05/04/2018
Standard & Poor’s (S&P) has affirmed QIB’s Issuer Credit Rating at A-, Qatar’s leading Islamic bank has said in a release. According to S&P, the major contributing factors strengthening QIB’s rating
Gulf Times
05/04/2018
Qatar National Bank (QNB) aims to increase its profit by 5-8 percent this year and loans and investments by 10-12 percent, helped by expansion into faster-growing Southeast Asia markets, its CEO told
The Peninsula
04/04/2018
Doha Bank has announced the official inauguration of its Chennai Branch, in the southern Indian state, will be held today. This is Doha Bank’s third city in India after its successful establishment o
The Peninsula
04/04/2018
Bank of Sharjah said it has engaged SHUAA Capital International as liquidity providers for its shares and will commence the activity from April 4. SHUAA Capital International shall not hold more than
Gulf News