Dhofar Cattle Feed to sell shareholding in BankDhofar

21/01/2010 00:00 AST

The Board of Directors of Dhofar Cattle Feed (DCF) yesterday approved the sale of its entire holding of 9,967,845 shares of BankDhofar in a deal expected to generate around RO 7.3 million cash for the company. The proceeds will be used to settle part of the company's long term and short term loans, while the remainder will be retained for its working capital, DCF said in a communication to the Muscat Securities Market (MSM). The divestment is also expected to yield a profit of around RO 5.5 million, which will be transferred from the company's Investment Fluctuation Reserve to the Profit and Lloss Account, it added.


Oman Daily Observer

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