Bank Muscat accelerates exit from Indian broker firm | Bank Muscat accelerates exit from Indian broker firm -
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Bank Muscat accelerates exit from Indian broker firm

: Tuesday, February 11 - 2014 @ 14:06

The Omani stock market index MSM lost 0.23 per cent to close at 7,143.28 points on Tuesday, February 11. Bank Muscat declined by 1.17 per cent to RO0.676. The lender said in a filing, in line with earlier communication to the markets, that it has begun the process of exiting its investment in Mangal Keshav Securities Limited (MKSL), a brokerage company in India. “The exit is through buyback of shares (by the company itself) and is expected to be substantially completed in 2014. The first tranche of buyback, accounting for approximately 48 per cent of the total shares held by the bank, has been completed and, as a result, the shareholding of the bank in MKSL has reduced from 45.7 per cent to 30.4 per cent.” The bank has already taken the full impairment loss of RO2.7 million in its 2013 profit and loss statement against this investment. “The cumulative foreign exchange loss of RO3.3m accounted in equity as of December 31, 2013, will be transferred to P&L on exit from the investment,” says Bank Muscat.

 

Gérard Al-Fil

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Tuesday, February 11- 2014 @ 14:06 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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