Muscat – In a disclosure on Muscat Stock Exchange, DIDIC stated: “Further to the disclosure dated May 31, 2023 regarding proposed merger with Oman Investment and Finance Company SAOG (OIFC), we would like to disclose that we have received the acceptance from the Board of Directors of OIFC for the merger between Dhofar International Development and Investment Holding Company SAOG (The Merging Company) with Oman Investment and Finance Company SAOG (The Merged Company).”

The merger terms include approval of the proposal to merge ‘by the Incorporation Method’; agreement on a value for OIFC at OMR 25.2 million; agreement on the swap ratio offered to the shareholders of OIFC (The merged company) of 0.3488 shares of DIDIC (The Merging Company) for each share held in OIFC; issuing and allocating 86,809,825 shares of The Merging Company to the shareholders of the Merged Company; and allocating the same as on the cut-off date.

As per the statement, Extraordinary General Meetings of the two companies’ shareholders will be held to obtain the final decision on this proposed merger. “This is further subject to obtaining the necessary approvals from the regulators and fulfilling other applicable requirements. A further announcement will be made if and when required,” the statement added.