Al Ansari Financial Services, listed on the Dubai Financial Market (DFM), intends to acquire a controlling interest in one of Oman’s notable currency exchange firms. The UAE company has formally submitted a request to Omani authorities for this purpose.
An official statement from Al Ansari Exchange conveyed that they have received preliminary approval, contingent on fulfilling requisite regulatory requirements. During its initial public offering, the firm had articulated its intentions to expand across the Gulf region, both organically and through acquisitions.
The exact identity of the Omani company remains undisclosed, though Al Ansari has indicated that the acquisition is in the early stages, awaiting essential regulatory endorsements and thorough due diligence, according to Gulf News.
The deal could be finalised in Q1-2024. “The planned acquisition of a prominent exchange in Oman will provide us with the opportunity to bring the best of Al Ansari Financial Services to a new and exciting market given our deep expertise and market experience,” said Rashed A. Al Ansari, Group CEO.
“We are committed to delivering on our strategic roadmap designed to unlock shareholder value by exploring various growth and expansion opportunities, including inorganic growth through acquiring businesses to gain access to new markets.”
Shares of the company will commence trading today on the DFM at a value of AED 1.21. The highest point it has reached is AED 1.30.”
About Al Ansari Financial Brokerage
Al Ansari Financial Brokerage LLC, holding the ISO accreditation (ISO 9001:2015), was incorporated in 2005 as a member of Al Ansari Holding Group, active in the field of trading in local financial markets, according to the most modern comprehensive and integrated standards, with a wide investors base of more than 76,000 investors. Company practices business through its three branches across UAE, in Abu Dhabi City, & Dubai City, in addition to Company’s main office in Abu Dhabi City. To facilitate the services of its customers, Company offers the service of cash deposit and withdrawal for trading purposes across financial markets, through Al Ansari Exchange network branches of more than 230 outlets in UAE.
