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Saturday, April 20, 2024 0:22 GMT
Ubhar Capital, one of the leading asset management and brokerage firm in Oman, is planning to acquire rival brokerage firm Gulf Baader Capital Markets (GBCM), according to a disclosure released by Gulf Investment Services Holding Co. GBCM is a subsidiary company of Gulf Investment Services Holding.‘We would like to disclose that Gulf Investment Services Holding and other two shareholders of GBCM have signed a sale and purchase agreement (SPA) with Ubhar Capital,’ Gulf Investment Services Holding said in its disclosure filed to the Muscat Securities Market.According to Gulf Investment Services Holding, the final value of the deal as agreed and as stated in the singed SPA is the net asset value of its subsidiary GBCM as at February 29, 2020 for an amount of RO2,041,307 (US$5,319,290), plus a premium amount of RO225,000 (US$586,311).‘The deal value will be adjusted with the net result of GBCM for the month of March 2020. Completion of the acquisition transaction will be within 45 days from the day of signing the SPA and subject to receipt of all necessary regulatory approvals,’ Gulf Investment Services Holding said.Ubhar Capital was founded in 2016 by Ominvest (36% stake), Arab Bank (Switzerland) Ltd (34% stake) and Oman Investment Fund (30% stake). Soon after its formation in December 2016, Ubhar Capital acquired Oman Arab Bank’s Investment Banking Group business (OABINVEST), which had a long-standing track record spanning two decades in Oman.