Oman-based Ahli Bank has inked a Memorandum of Understanding (MOU) in order to explore the feasibility for the takeover of Taageer Finance Company.
In a regulatory filing with the Muscat Securities Market (MSM), the bank said the purchase price consideration will be in range between 176 and 177.50 Baiza per share.
Inclusive of cash/stock dividends, the consideration price will be adjusted downwards to reflect cash/stock dividends received by Taageer shareholders, if paid based on financials for the year ended 31 December 2012 and subsequently.
The transaction is subject to satisfactory due diligence and receipt of necessary regulatory and shareholder approval.
Meanwhile, Ahlibank CEO Abdulaziz al Balushi was quoted by Zawya as saying that the acquisition is likely to complete in the next three months and will help the bank increase its presence in the SME sector and in the development of our Islamic banking business.
Founded as a result of the strategic partnership with Ahli United Bank (AUB) and International Finance Corporation (IFC) in 2008, the bank has a network of 12 branches and over 290 staff.