RIYADH: In a bid to tap Oman’s booming economy, UAE-based currency exchange company Al Ansari Financial Services has made a formal proposal to acquire a majority stake in an Omani exchange company.
According to a statement to Dubai Financial Market, the proposal is aligned with the company’s plans to expand its market share in the wider Gulf Cooperation Council region.
The statement, however, did not reveal the name of the Omani company or the financial terms of the potential transaction.
“The Omani market is very attractive and one that we believe will support our goal of expanding our footprint in countries with a significant expat population and a resilient economy,” said Rashed Al-Ansari, group CEO of Al Ansari Financial Services.
He added: “We are confident that this expansion will contribute to further broadening our customer base. The planned acquisition of a prominent exchange in Oman will provide us with the opportunity to bring the best of Al Ansari Financial Services to a new and exciting market given our deep expertise and market experience.”
The statement added that the acquisition is still in its early stages and is subject to the necessary regulatory approvals.
The schedule for the acquisition is set for the first quarter of 2024, said the exchange house.
“We are committed to delivering on our strategic roadmap designed to unlock shareholder value by exploring various growth and expansion opportunities, including inorganic growth through acquiring businesses to gain access to new markets,” added the group CEO.
The decision to acquire the Omani entity is Al Ansari Group’s second expansion in the region following Kuwait.
Al Ansari Exchange was set up in 1966. It currently has 231 branches in the UAE, offering exchange services, remittances and savings plans.
The firm made its debut on the DFM in April 2023. It drew $3.45 billion in bids for its initial public offering that raised $210 million by selling a 10 percent stake.
