Ominvest scraps OAB’s proposed IPO plan

February 27, 2014 12:22 am

The board of Oman International Development and Investment Co (Ominvest) has said the proposed initial public offering (IPO) of Oman Arab Bank (OAB) is not in the best interests of Ominvest’s shareholders, Muscat Daily has reported. “Based on thorough studies carried out by international financial institutions specialised in this field and engaged by Ominvest for this purpose, Ominvest board is of the view that is not in the best interests of Ominvest’s shareholders to proceed with this proposal at the present time,” Ominvest said. The investment firm owns a 51% stake in its subsidiary OAB, while Jordan-based Arab Bank holds the remaining 49% stake.