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FINANCIAL NEWS
OIFC acquires big portion of local firm for USD3.2m
01 Jan 2016
(MENAFN) Oman Investment & Finance Co (OIFC) has purchased 60 percent stake in Afaq al Musana Trading LLC, an electrical and drilling contracting company.
OIFC has paid a total of USD3.2 million for the privately-held Omani firm which will be treated as a subsidiary, and OIFC projects a fair profit from this deal.
OIFC is one of the top Investment and Services firms which specialize in billing, collection and debt factoring for electricity, water and telecom services in Oman.
OIFC has been considered as the pioneer and the single largest private sector listed firm dedicated to this line of business in the Sultanate for over 30 years.
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