MUSCAT : In a statement issued on Monday, April 7, Sohar International confirmed that its board has resolved to send a letter of intent to Ahli Bank’s board, initiating discussions on a possible merger. The proposal outlines that the assets and liabilities of Ahli Bank would be transferred to Sohar International, with Ahli Bank’s shareholders receiving shares in Sohar International in exchange for the merger.

In response, Ahli Bank confirmed the receipt of the letter of intent from Sohar International and stated that its board of directors will convene shortly to evaluate the merger proposal. The proposed merger is contingent upon several key factors, including the satisfactory completion of due diligence by both institutions, necessary corporate approvals from the boards and shareholders of both banks, and the crucial approval of relevant regulatory bodies.

Ahli Bank’s Board of Directors has indicated that they will convene shortly to thoroughly discuss the merits of the merger proposal. The bank has also assured the market that it will keep stakeholders informed of any material developments in accordance with regulatory requirements.

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