(MENAFN- Muscat Daily) Muscat- Muscat National Holding Co (MNHC) announced the plan to merge its two subsidiaries Muscat Insurance Co and Muscat Life Assurance Co with the parent company.
In a filing to the Muscat Securities Market on Tuesday MNHC said the Capital Market Authority (CMA) has provided regulatory approval for the merger by incorporation of both Muscat Insurance Co and Muscat Life Assurance Co with MNHC.
'On completion of both mergers, MNHC will be the surviving entity and the commercial registration of both subsidiaries will cease', MNHC said.
The CMA approval is provided on the basis that both mergers are approved by the shareholders of MNHC at an
extraordinary general meeting (EGM). MNHC has called an EGM of its shareholders to be held on July 27.
MNHC is registered as a public joint stock company. The principal activity of the parent company is dealing with investment including to hold 100 per cent of the group's subsidiaries.
Muscat Insurance Co and Muscat Life Assurance Co are closely held joint stock companies engaged in general insurance business and life assurance business, respectively.
In first quarter financial report MNHC had said the parent company is planning to restructure its fully owned subsidiaries in order to comply with provisions of amendments to Oman's insurance companies law to bring its share capital to RO10mn by August 2017.
MNHC had said that the subsidiaries intended to merge with the parent company by transferring their assets and liabilities as well as the licenses to underwrite general and life insurance businesses.
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