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FINANCIAL NEWS
Oman’s ONIC sells stake in Bahrain’s Gulf Warranties for USD274K
25 Nov 2011
(MENAFN) Oman’s ONIC Holding’s Chairman, Abdulrahman Al Horeb, said that the firm sold its total equity stake in Bahrain’s Gulf Warranties WLL to Bahrain’s Arab Insurance Group BSC for USD274,000, reported Times of Oman.
Al Horeb added that the firm’s stake in the company was 34 percent, and the transaction would secure ONIC a profit of USD238,268.
On the other hand, he said that during the January-September period, the company’s net loss reached USD1.359 million, compared with a profit of USD29.5 million in 2010’s same period.
It is worth noting that Oman’s market performance of equity market is still connected to the sustained corporate performance, economic and political stability for providing the required momentum for improved valuations and capital appreciation.
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