Oman- Aitken Spence's RO14mn offer for Al Falaj approved

1/27/2016 8:20:37 AM

(MENAFN- Muscat Daily) Muscat-

Oman Hotels and Tourism Co said on Monday its shareholders have unanimously approved the RO14mn sale of Al Falaj Hotel to Aitken Spence Resorts (Middle East).

An extraordinary general meeting (EGM) held on Sunday decided to sell the 'assets and business' of the hotel Oman Hotels and Tourism said in the disclosure to the MSM.

Sri Lanka-based Aitken Spence Hotels already manages Oman Hotels' entire portfolio which includes: Al Falaj Hotel and Ruwi Hotel in Muscat Al Wadi Hotel in Sohar Sur Plaza Hotel in Sur and the luxury Desert Nights Camp in Sharqiyah Sands

Oman Hotels first received a 'non-binding offer' for Al Falaj Hotel in October 2015. And the board of directors gave its 'in principle' approval to the offer.

The company then said that this 'in principle' acceptance is subject to successful completion of requisite legal and financial due diligence by the prospective buyer culminating in a binding offer and on agreement of an appropriate transaction structure.

Oman Hotels revealed the offer amount in a disclosure late last month.

In a separate disclosure Oman and Emirates Investment Holding Co which holds a 31.2 per cent stake in Oman Hotels confirmed the deal.

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