The majority shareholders of Oman Hotels and Tourism Company plan to buyback the company’s shares from minority shareholders who own 50,000 shares or less.
The offer price is fixed at 436 baisas per share, and is valid from May 30 to June 29, 2017, according to a disclosure statement posted on the MSM website. This is against the latest market price of 396 baisas on the Muscat bourse.
The company plans to convert its status to an SAOC company from SAOG, after acquiring minority shares. The minority shareholders will have to contact the Financial Corporation Company to sell their holdings.
Last week, Oman Hotels and Tourism Company said it plans to invest OMR100 million in building 10 three-star and four star-hotels over the next five years, which will have a total of 2,000 hotel rooms.
The agreements for two hotel projects—a four star-hotel with 220 rooms at Al Khuwair, and a three-star hotel with 200 rooms in Duqm—will be signed within two months. The Al Khuwair hotel will have an investment of OMR13 million, while the Duqm hotel will cost OMR7 million.
The new hotels, which are planned for Muscat and other cities, will cater to the growing demand for additional hotel rooms from tourists and business travellers.
The new hotel projects, which are part of the listed company’s five-year business plan, will be developed in close cooperation with international brands.