Milestone Merger: HSBC Oman and Sohar International Combine Forces

2023-08-21 07:14:32

Monday Aug 21, 2023

Muscat > HSBC Oman completes formalities to fully merge with Sohar International. HSBC transferred all of Oman’s assets (including contracts and employees) to Sohar International. Sohar International announced that the merger was completed on the 17th. In a statement issued by Sohar International, HSBC Oman has been delisted from the Muscat Stock Exchange (MSX) and its commercial registration canceled following the completion of the merger process. Zohar International added that upon completion of the merger, the recognition of HSBC as a separate corporate entity and all its shares have been cancelled. Officials also said that Sohar International has received confirmation from Muscat Clearing and Depository that all shareholders of HSBC Oman may receive the value of their shares in cash, shares in Sohar International or a combination of the two in accordance with the terms of the merger agreement dated November 15, 2022. Read on deshabhimani.com