National Finance, Oman Orix sign framework deal for merger

Muscat: National Finance Company and Oman Orix Leasing Company have signed a framework agreement for the proposed merger between the two leasing firms.

The final merger agreement will be signed after the merger plan is approved by the shareholders of the company at an extraordinary general meeting, National Finance said in a disclosure statement posted on Muscat Securities Market (MSM) website on Wednesday. The merger will be subject to the approval of the regulatory authorities.

According to an earlier report, National Finance has offered a cash buyout to shareholders of Oman Orix Leasing Company in May, as part of a merger between the two leading leasing and hire purchase firms in the Sultanate.

National Finance’s proposed cash offer is equivalent to 1.2 multiples of the book value of Oman Orix at the end of March 2017.