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Oman Holding gets ministry nod to become closed joint stock firm

January 24, 2014

Staff Reporter MUSCAT The Commerce and Industry Ministry has given approval for converting Oman Holding International into a closed joint stock company. In a filing to the MSM, the company said that at its general body meeting on January 12 , shareholders had given a go-ahead for the conversion. Applications were filed before the Ministry of Commerce to conclude the process. "This has now been completed, following the issuance of new commercial registration certificate by the Ministry of Commerce and Industry ," the filing said. The company has now filed an application with the bourse to move the trading of shares in the company from the primary market to the third market. Market analysts had said that the move was in the backdrop of promoters holding majority stake. Since there is no free-float available there is little transaction. This had resulted in not much liquidity and maintaining an SAOG was a costly affair. Once there is third-party sale of the minority shares, the company will finally go for delisting, analysts add.OMAN TRIBUNE

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Source: Oman Tribune

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