Al Anwar Holding completes 20% stake sale in Falcon insurance
Al Anwar Holdings has completed the sale of 20.35% of its stake in Falcon Insurance Company, which has acquired the Oman branches of Arabia Insurance. In a filing on Muscat Securities Market, the company said it sold 1.3mn shares at a price of OMR1.876 per share and the net sale proceeds would amount to OMR2.43mn. Earlier in May 2016, the company had executed a memorandum of understanding (MoU) with the buyer and undertook due diligence and valuation. This transaction has generated a profit of OMR0.43mn.
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