Oman- Al Omaniya board to review UFC's response to acquisition offer

(MENAFN- Muscat Daily) Al Omaniya Financial Services (AOFS) said that it has received a response from United Finance Co (UFC) to its offer for the acquisition of United Finance and that the response will be placed for review of the board of directors for further consideration.

'We have received a response from United Finance to our non-binding indicative offer for the acquisition of 100 per cent shares of United Finance. This response will be placed for review of the board of directors of Al Omaniya Financial Services for further consideration' Al Omaniya said in a filing with the MSM on Sunday.

The company added that it will inform the market of any further development in this regard in due course.

Last week UFC had said that the non-binding indicative offer from Al Omaniya is in discussion stage. Last month National Bank of Oman (NBO) had dropped its bid for acquiring UFC after Bank Nizwa pulled out of the race in May.