Oman's Ministry of Commerce and Industry approved the proposed merger of Oman International Development and Investment Company (Ominvest) and Oman National Investment Corporation Holding (Onic), a bourse statement said on Thursday.

As a result, Onic shares will be suspended from trading on the Muscat bourse. Onic shareholders will be issued shares in Ominvest "as per the agreed ration in due course", the statement by Onic said.

The firms had previously said Onic shareholders would receive 1.052 Ominvest shares for every share held.

Ominvest invests in real estate and industrial projects and equities.– Reuters