Sohar International gets CBO nod to acquire majority stake in NEO Group

The in-principle approval is subject to completion of due diligence and final regulatory approvals both in the Sultanate of Oman and the Kingdom of Saudi Arabia

Sohar International Bank SAOG announced receiving the in-principle approval of the Central Bank of Oman (CBO) to proceed with the acquisition of a majority stake in Saudi Arabia’s Neo Group Limited KSA.

In a statement to Muscat Stock Exchange (MSX), the company said that the in-principle approval is subject to completion of due diligence and final regulatory approvals both in the Sultanate of Oman and the Kingdom of Saudi Arabia.

Sohar International will make further announcements as material developments occur in line with applicable regulatory requirement.

According to Argaam’s data, the bank announced, on Aug. 12, filing with CBO to seek its in-principle approval to enter into a nonbinding Memorandum of Understanding with Neo Group Limited UAE, which owns 80% equity stake in Neo Group Limited KSA pursuant to which Sohar International would explore the possibility of acquiring a majority stake of up to 55% in Neo Group Limited from the seller.