Power maintenance firm Oman National Engineering and Investment Company (ONEIC) has decided not to proceed with a merger with a rival Omani utility billing firm, it has said.
In September, the company had been approached by Oman Investment and Finance for an all-share merger that would consolidate operations and expand their networks, according to a report in our sister newspaper Gulf Daily News.
ONEIC, which had conditionally accepted the offer, pending more details from Oman Investment and Finance – said in that committees from the two firms met on December 26.
The committee formed by ONEIC informed that it is not interested to move forward on
the proposed merger based on report submitted by the external consultant appointed by ONEIC.