Merger Proposal: TGII & Al Madina Financial & Investment Services Co.

26/02/2013 08:53 AST

The Board of Directors of Transgulf Investment Holding Co. (TGII) and Al Madina Financial & Investment Services Co. (SAOC) agreed in their meeting held on 25th February 2013 to the proposal of merger between the two companies, based on the audited book value as of 31 December 2012 for both companies. This merger is subject to the shareholders approval of both companies in their respective EGM.

The un-audited book value as of 31 December 2012 is RO 0.124 and RO 0.129 for Transgulf Investment Holding Co. (SAOG) and Al Madina Financial & Investment Services Co. (SAOC) respectively.

KPMG has been hired as the independent consultant to carry out the necessary procedures with respect to the merger.

It is expected that the merger would result in the creation of a stronger entity that will support their ambitious future investment plans and felt that the combined entity would be better positioned to tap into investment opportunities that have been emerging in wake of the changes in the economic environment of the Sultanate of Oman and the region.


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