MUSCAT : In a disclosure to the Muscat Stock Exchange (MSX), OIFC confirmed that it received an official notification from the High Court stating that the appeal filed by a group of shareholders has been dismissed.

“The Company informs MSX, its shareholders, and the public that on this day, Tuesday (April 29), it received an electronic notification via text message from the High Court, stating that the Court has ruled to: dismiss the appeal, order the appellants to bear all legal costs, confiscate the security deposit, and reject the motion to suspend the enforcement of the appellate judgment previously referenced,” stated the disclosure.

This ruling comes after a prior decision by the Primary Court, which had rejected a lawsuit filed by some shareholders seeking to invalidate the Extraordinary General Meeting (EGM) resolutions that approved the company’s dissolution and merger.

“Pursuant to the ruling, which constitutes the exhaustion of all stages of litigation, and in implementation of the resolutions adopted by the EGM, the Company shall proceed with finalizing the merger procedures with the relevant regulatory authorities. The Company will continue to disclose any material developments related to this matter in a timely manner,” the disclosure concluded.

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