Oman firm buys 14.9% in Almondz
Oman-based private equity firm Al Anwar Holdings SAOG is buying 14.99% stake in a financial services company, Almondz Global Securities (AGSL). The deal, at Rs 85 a share, through a preferential allotment of shares, has pegged Almondz’s enterprise value at Rs 232 crore.
This is the maiden investment by the Muscat Securities Market-listed company in the Indian financial services sector.
SBI Caps and Oman-based Gulf Investment Services Company advised Al Anwar Holdings. The agreement comes close on the heels of AGSL signing a memorandum of understanding (MoU) with the Noble Group, an independent investment bank in the UK, in October 2007 to jointly pursue cross-border business opportunities.
Setting up a foreign institutional investor (FII) desk in London and Mumbai was also a part of the agreement. As a part of its plan to offer the convenience of online trading to retail investors, Almondz is currently beta testing its online trading platform.
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