International law firm Trowers & Hamlins represented National Bank of Oman (NBO) in a 53.14 million Omani rial ($138.16 million) placement of 24,195,406 shares at OR 2.2 per share to the Suhail Bahwan Group.
The Suhail Bahwan Group will take a 35 percent stake in NBO. As a result of the placement NBO will emerge as the largest asset value bank in Oman with an enhanced capital of 70 million shares.
“The objective of this share issue is to strengthen the National Bank of Oman's balance sheet and loan coverage capacity and achieve a commercial tie-up that will generate greater business opportunities for both parties,” said Partner of Trowers & Hamlins, Andrew Rae.
NBO has offices in Oman, United Arab Emirates (UAE) and Egypt. The Suhail Bahwan Group is one of the Middle East's largest diversified industrial companies employing over 9,000 people across 30 different companies with turnover in excess of $400 million. The group is involved in power projects, construction and engineering and has taken a leading role in Oman's privatization program. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
