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Riyadh – Mubasher: Maharah Human Resources Company announcedSkills“In the last five days, corresponding to December 29, 2022, the Growth Path Investment Company has completed the first phase of the process of acquiring a stake in the Smooth Trading and Marketing Company, which represents 20% of the shares owned by the company, increasing the capital of the company and issuing new shares for the growth path of the company’s investment.

The company said the acquisition fee of the company has been paid, the ownership stakes have been transferred to Path of Growth Investment Company, and the articles of association of the company has been modified at the Ministry of Commerce.

The company has indicated that Path of Growth Investment Company and the owners of Silas Trading and Marketing Company – owner and operator of the Sorour application – have signed a purchase and sale agreement for the acquisition of 40% of the shares owned by the company from of Path of Growth Investment Company.

In October 2022, the investment company Corso Crescita obtained the authorization from the General Authority for Competition and the Market to finalize the acquisition of 40% of the shares owned by the company. An agreement was signed on the closing date with the owners of the company for the implementation of the acquisition in two phases, as it occurred on the Closing date of the acquisition of the shares of the first phase, which represent 20% of the property rights of the company, with the concession to the Path of Growth Investment Company of the option to purchase the shares of the second phase, equal to 20% of the shareholding in the company, within six months from the closing date, provided that the company achieves the economic and operational objectives agreed between the parties.

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Mubasher: data released by the Central Bank of Oman today, Saturday, showed an increase in the balance of total credit granted by banks and banking sector companies in the Sultanate by 4.1%, to reach 28.9 billion RO by the end of last October.

The data showed – according to the Oman News Agency – today, Saturday, that the credit granted to the private sector recorded a growth of 3.1 percent, reaching 24.1 billion riyals at the end of October.

The data indicate that non-financial companies acquired the largest share, which stands at 45.8 per cent, followed by the single sector with 45.3 per cent, while the remaining percentage was distributed to the financial company sector for the 5.3 percent and to other sectors for 3.6 percent.

Total deposits in the banking sector grew by 1.4 per cent to 25.6 billion riyals at the end of October, and within this total private sector deposits in the banking system increased by 0.2 percent, reaching 17.1 billion riyals in October 2022 at the end of October.

The data indicate that the individual sector acquired the largest share, equal to approximately 52.2 per cent, followed by the non-financial corporate sector and the financial corporate sector with a share of 28.8 per cent and 16 percent, while the remaining 2.9 percent was distributed among other sectors.