Sohar International’s Bid for Majority Stake in Saudi’s Neo Group: What It Signals for Investors and Business Growth Opportunities
MUSCAT, AUG 12 — Sohar International Bank SAOG (SIB) has revealed its intention to acquire a controlling interest in Neo Group Limited, a financial services firm based in the Kingdom of Saudi Arabia, as part of its broader regional expansion strategy.
In a disclosure submitted to the Muscat Stock Exchange (MSX) on Tuesday, August 12, SIB stated that it has requested preliminary approval from the Central Bank of Oman (CBO) to enter into a non-binding Memorandum of Understanding (MoU) with the existing shareholders of Neo Group. The MoU contemplates the acquisition of up to 55 percent of Neo Group’s shares from a current Saudi shareholder who holds an 80 percent stake in the company.
Neo Group is a well-established financial institution licensed by the Capital Market Authority (CMA) of Saudi Arabia to offer asset management and financial advisory services. SIB highlighted that the potential acquisition is aligned with its strategic goal to expand its presence in key regional markets and to bolster Oman’s role in the rapidly growing Gulf financial services sector.
The bank underscored that the transaction remains at an early stage and is contingent upon several conditions, including a satisfactory due diligence review, successful completion of negotiations, signing of definitive agreements, and securing all necessary regulatory, corporate, and other approvals from authorities in Oman and Saudi Arabia.
“This intended acquisition is part of Sohar International’s regional growth strategy and its vision to enhance Oman’s position in regional financial markets,” the bank noted in its statement.
SIB further assured that it will provide updates in line with regulatory requirements as significant developments occur.
The disclosure was signed by Abdul Wahid Mohamed Al Murshidi, Chief Executive Officer of Sohar International Bank.
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Sohar International Bank’s plan to acquire a controlling stake in Saudi Arabia’s Neo Group signals Oman’s strategic push to expand influence in the Gulf’s financial sector, presenting growth opportunities for Omani firms seeking regional integration. Smart investors should monitor regulatory approvals and due diligence outcomes closely, as this move could open doors to broader cross-border partnerships and enhance competitive positioning in the rapidly evolving Gulf financial ecosystem.
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