Mubasher: National Finance Co’s board of directors in Monday’s meeting called for an extraordinary general meeting (EGM) to discuss the merger with Oman ORIX Leasing Company (OOLC).
“National Finance’s offer equates to a price of 1.20x the ending book value of OOLC, as at 31 March (the cut-off date),” the company said on Tuesday.
The required amendments in accordance with the company’s financial statements will be completed, while the merger is subject to the approval of the shareholders of both companies, in addition to the relevant Omani regulatory authorities, according to the company’s statement to the Muscat Securities Market (MSM).
The board also recommended to increase the authorised capital to OMR 75 million from OMR 30 million.
The company’s board recommended to approve issuing 217.6 million shares at 127 baisas per share and to issue perpetual bonds at a value of OMR 18.2 million, the statement noted.
National Finance’s profits grew 3.5% reaching OMR 1.49 million in the first quarter of 2017, compared to OMR 1.44 million in Q1-16.
The MSM-listed company had previously reported a 5.5% increase in its profits to reach OMR 6.35 million in 2016, compared to OMR 6.02 million in 2015.
