Dhofar International Development and Investment Holding Company S.A.O.G (MSM:DIDI) has shown its intention to explore the possibility of a merger with Oman Investment & Finance Co. SAOG (MSM:OIFC). ‘The board of directors of Dhofar International Development & Investment Holding Company in its meeting held on February 11, 2023 resolved to send a letter of intent to the board of directors of OIFC to explore the possibility of a merger between the two entities,' DIDIC said in a disclosure submitted to the Muscat Stock Exchange on February 12, 2023.

The possible merger could be ‘in a deal which would involve OIFC shareholders being offered shares in DIDIC', the company said. The proposed merger is subject to obtaining final approvals from the respective boards of directors, relevant regulators and shareholders, DIDIC noted. In a separate disclosure to the Muscat Stock Exchange, OIFC confirmed that it received a letter on Sunday from DIDIC expressing its desire to merger with OIFC by the way of incorporation.

‘The board of directors of the company [OIFC] will study the offer and obtain the necessary information in connection with the proposed merger,' OIFC said in its disclosure to the local bourse. ‘If the parties agree to proceed with the merger, it will be subject to various conditions, including without limitation, approval of the relevant regulatory authorities and of the shareholders of both companies,' OIFC said.