The deal is subject to satisfactory due diligence and necessary approvals from the regulators, an Ominvest statement said on Wednesday.
With a successful track record spanning over two decades, OABINVEST is one of the largest asset managers in Oman. It serves leading institutional and ultra high net worth clients and has a healthy pipeline of corporate finance deals involving IPOs, debt placements and advisory mandates.
Ominvest group CEO AbdulAziz al Balushi said the new shareholding structure of OABINVEST will comprise: Ominvest 36 per cent, ABS 34 per cent and OIF 30 per cent. “Oman’s evolving economy presents significant opportunities for high-quality investment banking services and products. There has been an acute need for a larger local player with top-tier capabilities to effectively serve public- and private-sector clients.
Balushi said a deal is a major step towards building fee-based income sources for Ominvest and further diversifying its revenue streams.
“In the midst of a challenging economic situation and difficult market conditions normally arise attractive business and investment opportunities. This deal illustrates that a like-minded group of long-term value investors is capitalising on such opportunities and seizing the chance to buy and build profitable and durable businesses in keys sectors of the economy. Prospective shareholders of OABINVEST intend to further grow this platform to create employment opportunities for Omani nationals, help finance new ventures and create value for their stakeholders,” Balushi added.
It’s an encouraging development that foreign investors are demonstrating serious interest in buying Oman-based businesses, underpinning their confidence in the potential of the Omani market and commitment to partner with local institutional investors.
ABS chief executive Nasri Malhamé, said his company is pleased to join hands with Ominvest and OIF to acquire OABINVEST. He added that ABS will provide strategic support to OABINVEST in building a multi-asset operation covering international markets by scaling up OABINVEST’s resource base in regional and international set up.
OIF, a major shareholder in Ominvest, is co-investing in the transaction. Sheikh Hassan al Nabhani, CEO of OIF, said the acquisition is a major step towards realising the vision of creating a premier asset management company out of Oman – with global reach and capabilities.
Amin al Husseini, CEO, OAB, emphasised that the sale will boost OAB’s equity capital, significantly strengthen its financial position and help finance strategic initiatives related to digital banking and electronic delivery channels.
The sale encompasses the entire OABINVEST platform, including its systems, human resource, licences and assets.