Bankmuscat’s Indian Associate Firm Merges With Group Unit

Mangal Keshav Holdings Limited, an associate company of BankMuscat based in India, has merged with one of its group subsidiaries, the bank said in a filing to the Muscat Securities Market (MSM) on Thursday.

Mangal Keshav Holdings, in which BankMuscat holds a 42.96 per cent

stake, has merged with its group subsidiary Mangal Keshav Securities Limited.

“The merged entity has been renamed as Mangal Keshav Securities Limited and this has been carried out for corporate restructuring purpose. BankMuscat’s shareholding and investment remains unaffected by this change,” BankMuscat said in its announcement.

BankMuscat had acquired a 42.96 per cent strategic stake in Mangal Keshav in 2007.

Muscatdaily