The Qatar and Oman Investment Company announces the completion of an agreement to implement the purchase and exchange of shares in Mozn Oman Trading Company and the National Real Estate Development and Investment Company, between the Qatar and Oman Investment Company, the National Real Estate Development and Investment Company, and the distinguished Omani Ministry of Defense Pension Fund in the Sultanate of Oman.
Mozn Oman Trading Company is a closed, limited Omani joint stock company established in 2015. It is located in the city of Muscat in the Sultanate of Oman. It includes a commercial complex and a three-star hotel, and includes a variety of shops, restaurants and entertainment venues. Qatar and Oman Investment Company owned 20% in the company upon incorporation.
National Real Estate Development and Investment SAOC is a closed Omani company established in late 2008 by a group of major shareholders in the Sultanate of Oman and the Gulf Cooperation Council countries. It carries out real estate development work in its various activities and provides pioneering solutions in the field of real estate marketing, real estate management and valuation. Qatar and Oman Investment Company owned 5% of the company.
Under the agreement, Qatar and Oman Investment Company purchased the National Real Estate Development and Investment Company’s share in Mozn Oman Trading Company according to the book value on December 31, 2022, with a total value of 764 thousand Omani riyals. Thus, the share of Qatar and Oman Investment Company in Mozn Oman Trading Company increased from (18.84%) to (37.68%).
Qatar and Oman Investment Company exchanged its entire share in Mozn Oman Trading Company (37.68%) with the Omani Ministry of Defense Pension Fund’s share in the National Real Estate Development and Investment Company (10%), so that Qatar and Oman Investment Company’s share became (15%).
This step comes within the Board of Directors' strategic investment plan to exit from projects with weak returns or high risks to enhance the company's assets, protect investors, and emphasize achieving the highest standards of transparency and fairness when disclosing.
Conclusion:
1- Qatar and Oman Investment Company exits from Mozn Oman Trading Company by purchasing the share of the National Real Estate Development and Investment Company.
2- Exchanging the share of the Qatar and Oman Investment Company after purchasing the National Real Estate Development Company’s share in the Mozn Oman Trading Company with the share of the Omani Ministry of Defense Pension Fund in the National Real Estate Development and Investment Company, increasing the Qatar and Oman Investment Company’s share in the National Real Estate Development and Investment Company from 5% to 15%.