Middle East - Oman: Al Anwar executes MoU to divest stake in Falcon
Source: Middle East Insurance Review | Jun 2016
Al Anwar Holdings executed an MoU last month with a potential buyer to sell a significant portion of its stake in Falcon Insurance Company. However, Al Anwar did not disclose details regarding the buyer nor financial details of the transaction.
“The transaction is, however, subject to due diligence and valuation by an independent third party, approvals from the Capital Market Authority, Ministry of Commerce and Industry and other regulatory bodies,” Mr Reji Joseph, CEO of Al Anwar, said in a filing to the Muscat Securities Market (MSM).
Al Anwar holds a 51.04% stake in Falcon Insurance, according to its 2015 third quarter financial statement filed with the MSM in February 2016. The statement said: “The price for the transaction would be 1.2 multiple of net asset value based on audited financials of Falcon as at 31 December 2015 and due diligence findings.”