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Friday, April 26, 2024 1:22 GMT
The Commercial Bank PSQC (CB) of Qatar has announced a public offer to acquire an additional 15.2% of the issued share capital of National Bank of Oman (NBO), a move that will increase the former’s stake in the Omani lender to 50.1%. The offer opens on June 10, 2021 and closes on July 11, 2021 against an offer price of RO 0.200 (~52 cents) per NBO share which represents a (1) 36% premium versus the Volume Weighted Average Price (VWAP) since January 1, 2021; (2) 28% premium versus the last three months' VWAP; and (3) 18% premium versus the closing price of June 2, 2021, the Commercial Bank stated.“The offer completion will result in the formation of a stronger banking institution that the management of CB envisages should become more competitive, both locally and regionally. Through Offer Completion, CB aims to enhance shareholder value and promote the development of NBO,” said Doha-based lender, which currently holds 34.9% of the issued capital of NBO.