Al Anwar Holding said on Sunday its board had approved a proposal to sell a stake in its affiliate Falcon Insurance for 1.2 times book value. The transaction, which the diversified holding company said on Jan. 13 had been proposed by an "interested party" through Oman Arab Bank, is subject to the completion of due diligence and regulatory approvals, according to a bourse filing. Al Anwar, which holds 51 percent of Falcon Insurance, had said in June that it was planning an initial public offer of shares in the insurer. Sunday's statement did not make clear whether Al Anwar would sell its entire stake or only part of it, or who the buyer would be. Falcon Insurance was one of five companies due to list on the Oman stock exchange in 2016, the head of the market regulator was quoted as saying by a local newspaper earlier this month. (Reuters)