Oman International Development and Investment Company (Ominvest) and Oman National Investment Corporation Holding on Monday said their respective shareholders had approved the proposed merger of the two companies.

Under the plan, ONIC Holding said its shareholders would receive 1.052 Ominvest shares for every share they currently held, according to a bourse filing.

Ominvest said in a separate statement its shareholders had backed increasing its authorised capital to 90 million rials ($233.8 million) from RO50 million and its issued capital to RO55.28 million from RO37.04 million, to help facilitate the merger.

The new shares will be offered to ONIC Holding shareholders, the statement added.

Ominvest said in July it had written to ONIC Holding about forming a strategic arrangement between the two firms. On April 20, the boards of the two companies approved the proposed merger between the pair and said it would put forward the subject to shareholders.-Reuters