Sale of DCF Investment in Bank Dhofar
Further to our disclosure to MSM dated 17th Jan. 2010, the Board of Directors of DCF approved on 20th Jan. 2010, the sale of entire holding of 9,967,845 Shares of Bank Dhofar with the Company.
Once the deal is affected the company expects to generate approx RO 7.3 million cash to the business which will be used for settling part of long term loans / STL’s and remaining balance will be retained by the company for its working capital.
The divestment in these shares will give the company a profit of approx. RO 5.5 million which will be transferred / released from the Investment fluctuation reserve to the Profit and loss account. The actual effect of this will be reflected in the 1st Qtr financials of year 2010.