LONDON, Feb 26 (IFR) - Oman International Development and
Investment Co (Ominvest) has decided not to go ahead with the
proposed initial public offer of subsidiary Oman Arab Bank, just
two weeks after announcing it was looking into the feasibility
of the transaction.
"Based on thorough studies carried out by international
financial institutions specialised in this field engaged by
Ominvest for this purpose, Ominvest Board is of the view that is
not in the best interest of Ominvest's shareholders to proceed
with this proposal at the present time," the company said.
Current valuations on the Muscat Securities Exchange put the
company off the idea, a source said.
"If you look at where (Omani) blue chips are trading, it is
pretty cheap, so it was decided an IPO is not the best option
for shareholders," he said.
He did not rule out reviving the transaction at a future
At the time the company said: "(Ominvest) shall make its
best endeavours to inform the capital markets authority, within
six months hereof, on its full plan regarding the (IPO)
(Reporting by Abhinav Ramnarayan)