Ominvest surges after unit share sale report

Media report said talks to float Oman Arab Bank, in which Ominvest has stake are at advanced stage
Ominvest surges after unit share sale report
(Getty Images)
By Reuters
Mon 02 May 2011 11:33 AM

Shares in Oman's Ominvest hit a

two-year high, lifting Muscat's index MSI after a local

newspaper report said discussions to float Oman Arab Bank, in

which Ominvest has a stake are at an advanced stage.

Ominvest climbed 6.4 percent, reaching its highest level

since at least March 2009. The firm owns a 51 percent stake in

Oman Arab Bank, according to the latter's website.

"It was announced in a local newspaper that the owner of the

bank has initiated discussions to go public," said Adel Nasr,

United Securities brokerage manager.

"This is positive for the market. Other stocks are also

seeing good movement, like Omantel, due to speculation on Q1

results due before May 15."

Oman Telecommunications Co (Omantel) rose 1.2

percent, while the index climbed 0.7 percent to 6,379 points.

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