Oman National Investment (ONIC) and Oman International Development and Investment (OMINVEST) held their extraordinary general meetings (EGM) on 31 May with quorum representing 83.0638 % and 92.17% shareholders respectively.

The EGMs resulted in the dissolution of ONIC and its merger by incorporation into OMINVEST, and the authorisation of the board of directors to do all acts deemed necessary in connection with the merger, according to a statement sent to Muscat Securities Market (MSM).

ONIC noted that the merger consideration for the company’s shareholders will be 1.052 shares for every 1 share held by each shareholder of the Company, authorising the board of directors to determine the effective date of the Merger.

OMINVEST agreed to increase the authorised capital to OMR 90 million from OMR 50 million as well as the issued capital to OMR 55,286,164.2 from OMR 37,041,730, by allocating the increased shares to ONIC shareholders proportionately in connection with the merger. Additionally, the board approved the amendment of OMINVEST’s articles of association accordingly.