MUSCAT – In a ‘Merger Announcement’ on Muscat Stock Exchange (MSX), Sohar International stated that the merger has been completed based on the previous disclosures and the confirmation issued by the Ministry of Commerce, Industry and Investment Promotion.

The announcement reads as follows: “HSBC Oman has now merged with and into Sohar International and all of HSBC Oman’s rights, obligations, assets (including contracts and employees) and liabilities have transferred to Sohar International by operation of law (as a going concern).
“HSBC Oman has been delisted from the Muscat Stock Exchange (MSX) pursuant to MSX Administrative Decision No. 85/2023; its commercial registration maintained with the Ministry of Commerce, Industry and Investment Promotion has been cancelled; its separate corporate existence and distinct legal personality has now ceased to exist; and all its shares have been cancelled.

“Sohar International received a confirmation from Muscat Clearing and Depository that all the shareholders of HSBC Oman have received their full consideration for the Merger, either in the form of cash, fully paid- up shares in Sohar International, or a combination of the two, in accordance with the terms of the merger agreement dated 15 November 2022 (as amended from time to time). The Capital Market Authority confirmed its no objection for the increase of the issued share capital of Sohar International and the issuance and allotment of Sohar International shares to the shareholders of HSBC Oman.
Pursuant to MSX Administrative Decision No. 86/2023, the MSX has approved the increase of the share capital of Sohar International and listing of the shares in the Regular Market of the MSX with effect from Sunday, 20 August 2023.

“Sohar International wishes to express its appreciation to the Central Bank of Oman, the Capital Market Authority, the Muscat Stock Exchange, Muscat Clearing and Depository and the Ministry of Commerce, Industry and Investment Promotion for all the support in connection with, and smooth completion of, the Merger process.”