Dhofar International Development & Investment Holding Company S.A.O.G (MSM:DIDI) expressed an interest to acquire the remaining 62.03% stake in Oman Investment & Finance Co. SAOG (MSM:OIFC) on February 11, 2023. Dhofar International Development & Investment Holding Company S.A.O.G (MSM:DIDI) agreed to acquire the remaining unknown majority stake in Oman Investment & Finance Co.

SAOG (MSM:OIFC) on June 21, 2023. If the parties decide to move forward with the merger, it will be subject to a number of conditions, including without limitation, shareholder and regulatory authority approval. As of May 31, 2023, Oman Investment received detailed merger which includes share swap ratio for the merger.

As of May 31, 2023, The board of Dhofar International approved the merger. As of June 1, 2023, The board of Oman Investment & Finance has approved the merger. Dhofar International will issue 0.3488 shares for every share held by Oman Investment under share swap ratio.

Accordingly Dhofar International will issue 86,809,825 shares and The board of Oman Investment & Finance approved the calling of general meeting of shareholders of Oman Investment & Finance. Both companies will remain independent and continue to operate their business as usual until merger is completed. As of June 22, 2023, The transaction was approved by shareholders of Dhofar International Development & Investment Holding Company S.A.O.G. and Oman Investment & Finance.

As announced on July 10, 2023, Capital Market Authority (CMA) through its decision 46/2023 suspended the implementation of merger on July 9. As on November 15, 2023, The final outcome of the merger is still unclear and therefore, no financial impact is provided in the financial statements of the company for the period ending as of September 30, 2023.