Mubasher: Bank Dhofar announced on Sunday that the negotiations over the merger with Bank Sohar will not benefit the shareholders.
The bank pinpointed that the two banks failed to reach an agreement regarding drafting of main articles to complete the merger, according to a bourse filing.
The board of Bank Dhofar announced in June that it has reached an agreement with Bank Sohar’s board on the share swap ratio of the proposed merger.
Based on the agreement, every one share of Bank Dhofar will be exchanged for 1.29 shares of Bank Sohar.
The merger is expected to generate the second largest bank in Oman, with a market capital of $1.81 billion, and $13.69 billion assets, according to a previous bourse statement.
