HNB to sell stake in Oman exchange house for Rs. 70 m

Friday, 2 August 2013 03:38 -     - {{hitsCtrl.values.hits}}

Hatton National Bank (HNB) said yesterday it plans to sell its 40% stake in Majan Exchange LLC, Oman for Rs. 70 million subject to regulatory approvals. It said that Majan Exchange is a company incorporated and registered in UAE and functions as an exchange house. The HNB stake will be sold to a foreign buyer. Regulatory approvals from UAE and Sri Lanka have been sought. “The bank is expecting to receive a sum of 203,994 Omani riyals being the purchase consideration. However the payment terms would be in accordance with the Sale and Purchase Agreement entered into with the buyer,” HNB said. The exchange rate of an Omani riyal was approximately Rs. 342. HNB also said in the interim it has agreed to assist Majan with its management through a transitional service agreement. In January, HNB announced it was divesting 20% stake in UAE-based Delma Exchange.