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On February 2, 2022, Bank Muscat SAOG signed an agreement to sell its 4.99% stake in Octal Holding SAOC. This is part of Alpek Polyester, S.A. de C.V.'s acquisition of 100% of Octal Holding for a total consideration of US$620 million. Bank Muscat's proportionate share in this transaction amounts to approximately RO 11.9 million (US$ 31 million), against a carrying value of RO 4.2 million as of December 31, 2021.
| Date | 2 Feb 2022 |
| Time | 07:00:05 |
| Category | Acquisitions and alliances |
| ID | 4395A |
Date: 2nd February, 2022.
Subject: Signing of agreements for sale of Bank Muscat's stake in Octal Holding
Bank Muscat SAOG is one of the minority shareholders in Octal Holding SAOC with 4.99% stake. The Bank would like to notify the market that it has signed an agreement to sell its stake in Octal Holding, along with all other shareholders of Octal Holding to Alpek Polyester, S.A. de C.V., ("Alpek"). The carrying value of this investment in the Bank's book as of 31 December 2021 was RO 4.2 million.
Alpek Polyester, S.A. de C.V., ("Alpek"), a company incorporated in Mexico, has offered its interest to acquire 100% stake in Octal Holding to shareholders of Octal Holding for a total consideration of US$620 million subject to customary adjustments. Bank Muscat's 4.99% stake in Octal Holding on proportionate basis amounts to approximately RO 11.9 million (US$ 31 million). Accordingly, Bank Muscat has agreed to proceed with the transaction to sell its stake in Octal Holding by signing the necessary agreements. The completion of the acquisition of Octal Holding by Alpek is subject to customary closing conditions agreed between Alpek and Octal Holding, including receipt of regulatory approvals by Alpek. Bank Muscat will inform the market once its stake sale in Octal is completed.
Waleed K. Al Hashar
Chief Executive Officer