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Wed 11 Nov 2009 03:15 PM

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Bank Muscat may book writedown on Pak bank in Q4

Bank Muscat, which has 35% stake in Pakistan's Silkbank; expects its stake to be diluted.


Bank Muscat

, Oman's largest lender by market value, on Wednesday said it may have to write-down a significant part of its OR23.4m ($60.79m) investment in Pakistan's Silkbank bank in the fourth quarter.

Bank Muscat

has a 35-percent stake in Silkbank, which is planning a rights issue. But the Omani bank said it will not participate "as regulatory approvals in Oman have not been forthcoming."

Bank Muscat

expects its Silkbank stake to be diluted and as a result "it is likely that the bank could write down a significant part of this investment of OR23.4m during the last quarter of 2009," it said in a statement on the Muscat bourse. (Reuters)

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