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