The board of Oman International Development and Investment Company (Ominvest) has approved a merger with Oman National Investment Corp. Holding (Onic), the company has announced.
Ominvest’s largest holding is in Oman Arab Bank, which represents 39 percent of the company’s assets according to its 2014 annual report. It also has stakes in three Omani firms– National Finance Company, National Detergent Company, and National Biscuits Industries Limited.
Onic holds significant investments in the insurance industry, including stakes in National Life & General (97.93%), Al Ahila Insurance Co.(20.03%) and Dubai-based reinsurer International General Insurance Co. (20%). It also holds stakes in Oman Orix Leasing Company SAOG (35%), Oman Chlorine SAOG (15.08%), and National Finance House of Bahrain (17.5%).
The merger still requires a vote of shareholders as well as approval of the Omani government.
