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Sale of Bank Muscat’s stake in Octal Holding

1st Jun 2022 07:00

RNS Number : 5324N
BankMuscat (S.A.O.G)
01 June 2022
 

 

Date: 1st June 2022

 

Subject: Sale of Bank Muscat's stake in Octal Holding

We refer to our disclosure dated 2nd February 2022, wherein the Bank disclosed that it had signed the necessary agreements to sell its 4.99% stake in Octal Holding SAOC to Alpek Polyester, S.A. de C.V., ("Alpek"), a global petrochemicals company incorporated in Mexico, along with all other shareholders of Octal Holding.

We wish to disclose that all the customary conditions related to the mentioned sale transaction are now complete. The Bank will receive an amount of around OMR 12.1 million (USD 31.4 million) as a sale consideration for its 4.99% stake in Octal Holding SAOC resulting in capital gain of OMR 7.9 million (USD 20.5 million) from the transaction.

 

 

Waleed K. Al Hashar

Chief Executive Officer

 

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