bank muscat begins exit from MKSL.

bank muscat begins process of exit from Mangal Keshav Securities Limited.

In line with earlier communication to the markets, bank muscat has begun the process of exiting its investment in Mangal Keshav Securities Limited (MKSL), a brokerage company in India. The exit is through buyback of shares (by the company itself) and is expected to be substantially completed in 2014. The first tranche of buyback, accounting for about 48% of the total shares held by the bank, has been completed and as a result the shareholding of the bank in MKSL has reduced from 45.7% to 30.4%. The bank has already taken the full impairment loss of RO 2.7 million in its 2013 P&L against this investment. The cumulative foreign exchange loss of RO 3.3 million accounted in equity as of 31 December 2013, will be transferred to P&L on exit from the investment.