Latest news with #AhliBank
Zawya
4 days ago
- Business
- Zawya
Oman: Ahli Bank halts merger talks, revives $129mln capital plan
MUSCAT: Ahli Bank SAOG has announced the postponement of its proposed merger with Sohar International Bank SAOG due to a lack of necessary regulatory approvals, the lender disclosed in a market statement on Sunday. The Board of Directors of Ahli Bank resolved to suspend further discussions with Sohar International until further notice. The merger proposal, initially announced in April 2025, was part of a broader consolidation trend in Oman's banking sector aimed at improving operational scale and competitiveness. 'In light of this development,' the bank stated, 'and in alignment with the Bank's capital planning objectives, the Board has also resolved to proceed with a capital increase through a rights issue of OMR 50 million.' This capital raise, previously announced and later suspended due to the merger talks, is now being revived. Ahli Bank confirmed it will undertake all necessary steps to implement the rights issue, including seeking required regulatory approvals. The bank reiterated its commitment to transparency, stating: 'Ahli Bank will continue to disclose any material developments to the market in accordance with applicable laws and disclosure regulations.' 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Observer
5 days ago
- Business
- Observer
Ahli Bank halts merger talks, revives OMR 50m capital plan
MUSCAT: Ahli Bank SAOG has announced the postponement of its proposed merger with Sohar International Bank SAOG due to a lack of necessary regulatory approvals, the lender disclosed in a market statement on Sunday. The Board of Directors of Ahli Bank resolved to suspend further discussions with Sohar International until further notice. The merger proposal, initially announced in April 2025, was part of a broader consolidation trend in Oman's banking sector aimed at improving operational scale and competitiveness. 'In light of this development,' the bank stated, 'and in alignment with the Bank's capital planning objectives, the Board has also resolved to proceed with a capital increase through a rights issue of OMR 50 million.' This capital raise, previously announced and later suspended due to the merger talks, is now being revived. Ahli Bank confirmed it will undertake all necessary steps to implement the rights issue, including seeking required regulatory approvals. The bank reiterated its commitment to transparency, stating: 'Ahli Bank will continue to disclose any material developments to the market in accordance with applicable laws and disclosure regulations.'
Zawya
5 days ago
- Business
- Zawya
Oman's Sohar, Ahli Bank postpone merger talks due to regulatory delays
Sohar International Bank and Ahli Bank SAOG have decided to postpone their proposed merger after failing to receive the necessary regulatory approvals. In April, the two banks had announced plans to merge, aiming to create the largest lender in Oman with combined assets of nearly $30 billion. In a filing to the Muscat Stock Exchange on Monday, Ahli Bank said that to meet its capital objectives, it will proceed with a capital increase that was initially announced in March but later suspended when merger discussions began. Ahli Bank will now move forward with a rights issue worth 50 million Omani rials ($130 million). Banks across the GCC have increasingly been exploring consolidation as a strategic move to enhance competitiveness and resilience. In August 2023, Sohar International Bank completed the takeover of HSBC Bank Oman. (Writing by Brinda Darasha; editing by Seban Scaria)
Zawya
09-05-2025
- Business
- Zawya
Qatar: Aqarat signs MoUs with several entities
DOHA: The General Authority for Regulating the Real Estate Sector – Aqarat held a press conference during which several memorandums of understanding (MoUs) were signed in the presence of Eng. Khalid bin Ahmed Al-Obaidli, Chairman of the Authority. During the event, several banks were officially approved to implement the real estate development escrow account procedures for off-plan sales projects to protect all stakeholders' rights. Eng. Khalid bin Ahmed Al-Obaidli emphasized that these partnerships represent an important step toward achieving the Authority's vision of regulating and empowering the real estate sector. He stated: 'We are working with our partners to build an integrated system that supports sustainable investment and keeps pace with global developments, in a way that serves the national economy and contributes to achieving Qatar National Vision 2030.' It is worth noting that the General Authority for Regulating the Real Estate Sector oversees the regulation and development of the sector to ensure its transparency and prosperity, in cooperation with relevant entities. An MoU was signed with Ahli Bank regarding the activation of escrow accounts. Hassan Ahmed Al-Efrangi, CEO of Ahli Bank, stated: 'Ahli Bank is proud to be one of the first financial institutions to sign this MoU with the General Authority for Regulating the Real Estate Sector – Aqarat, which reinforces our commitment to supporting Qatar's economic advancement." "Implementing escrow accounts for real estate projects under construction is a strategic step toward enhancing investor protection, reinforcing transparency, and promoting regulatory excellence." Another MoU was signed with Dukhan Bank regarding the activation of escrow accounts. Commenting on the launch of the 'Real Estate Development Escrow Account' service, Ahmed Hashem, Acting Group CEO of Dukhan Bank, said: 'Our launch of the real estate development escrow account confirms Dukhan Bank's leadership in adopting financial solutions that serve both the community and the real estate market." Additionally, the Authority signed an MoU with the Investment Promotion Agency aimed at forming a strategic three-year partnership to promote promising investment opportunities in the real estate sector and highlight Qatar's competitive advantages to investors. This step supports efforts to attract foreign direct investment and enhance the country's position as a leading and ideal investment destination. Commenting on the signing of the MoU, Sheikh Ali bin Walid Al Thani, CEO of the Investment Promotion Agency, said: 'We are pleased to strengthen our partnership with Aqarat to promote Qatar's dynamic and business-friendly environment, and to highlight the promising opportunities and competitive advantages the sector offers investors." "This cooperation is an important step in supporting the national real estate promotion strategy, as the real estate sector is a key pillar in the journey of economic diversification, in line with the objectives of the Third National Development Strategy,' Sheikh Ali added. © Dar Al Sharq Press, Printing and Distribution. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
21-04-2025
- Business
- Zawya
Oman: Trading value of MSX surpasses $1bln in 2025 first quarter
Muscat: The trading value on the Muscat Stock Exchange (MSX) rose to about OMR434.1 million in the first quarter of this year, registering a growth of 42.6 percent compared to OMR304.3 million in the first quarter of last year. This rise was supported by increased trading in Ahli Bank shares, which witnessed private transactions worth more than OMR161 million in February, as a result of the sale of a 35 percent stake by the Bahrain's Ahli United Bank. The total trading value of Ahli Bank shares in the first quarter of this year reached OMR162.8 million, representing 37.5 percent of the total trading value. OQ Exploration and Production (OQEP) came in second place with trading valued at OMR49.9 million, representing 11.5 percent of the total trading value. Bank Muscat came in third with OMR26.6 million, followed by OQ Basic Industries with OMR26.2 million, and Sohar International Bank came in fifth with trading valued at OMR22.5 million, representing 5.2 percent of the total trading value. The total number of transactions executed in the first quarter of this year reached 57,000, a 14.5 percent decline from the approximately 67,000 transactions executed in the first quarter of last year. The Muscat Stock Exchange's main index was affected in the first quarter of this year by the declines witnessed in stocks since the beginning of the year. It did not record any gains in the past three months after losing support from leading companies, which recorded a number of declines amid selling pressure on many stocks. The main index closed at the end of March at 4,367 points, down 209 points from its level in December 2024. The Muscat Stock Exchange's market capitalisation recorded limited gains in the first quarter of this year, reaching OMR43.8 million, rising to OMR27.63 billion by the end of March. Market capitalisation was affected by the decline in the prices of several leading stocks with high market capitalization, such as OQ Exploration and Production, Omantel, Bank Sohar International, and OQ Gas Networks. OQ Exploration and Production topped the list of public joint stock companies in terms of market capitalisation, at OMR2.56 billion. Bank Muscat came in second with a market capitalisation of OMR1.89 billion, followed by Bank Sohar International in third place with a market capitalisation of OMR860.2 million. During the first quarter of this year, the Muscat Stock Exchange witnessed the subscription of 1.41 billion shares offered by Asyad Shipping Company for public subscription, representing 20 percent of the company's capital, at a price of 123 baisas per share. The company was listed on the Muscat Stock Exchange on March 12, and the share price closed at the end of trading during the first quarter of this year at 124 baisas, up one baisa from the closing price. As many as 892 transactions were executed, worth OMR10.73 million. In the first quarter of this year, the Muscat Stock Exchange also witnessed the transformation of Computer Stationery Manufacturing Company from a public joint-stock company to a closed joint-stock company with a capital of one million Omani riyals divided into 10 million shares. © Muscat Media Group Provided by SyndiGate Media Inc. (
