OIA announces merger of activities of Nitaj, FDO
Published: 10:09 AM,Sep 01,2024 | EDITED : 02:09 PM,Sep 01,2024
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Muscat: Oman Investment Authority (OIA) has undertaken the initial steps to merge the activities of Oman Food Investment Holding Company (Nitaj) and Fisheries Development Oman (FDO) into a single business entity, which is part of the efforts to enhance the food security sector in the Sultanate of Oman and is in line with OIA's mission to maximize efficiency and optimize spending in this vital sector based on a clear and unified vision.
The merger is conducted based on a coherent action plan and a specific timeline in coordination with the concerned government entities.
This project comes as part of OIA's mandate to establish, merge, liquidate, and sell its companies by the legal and regulatory guidelines stipulated by Royal Decree No. 2021/57, promulgating the System of Oman Investment Authority.
The project is expected to substantially contribute to the growth of revenues generated from the synergy of the two merged companies. This synergy will be realized by integrating value chains and the potential benefits of consolidating procurement, contracts, logistics, and business activities.
Employees of Nitaj and FDO:
The merger project will consider the impact on employees of both companies.
They will be kept informed on relevant matters. The Board of Directors of both companies will share relevant and appropriate information with them while also holding open discussions about the project.
Financial Institutions:
The Board of Directors of both companies will communicate with their respective financing institutions and inform them about the merger to ensure transparency and compliance with the legal and contractual aspects.
Projects and Contractors:
The obligations of the two companies will be assessed in light of the projects currently under implementation and the existing contracts with contractors to ensure that such commitments will not be adversely affected by the merger of the two companies.
The merger is conducted based on a coherent action plan and a specific timeline in coordination with the concerned government entities.
This project comes as part of OIA's mandate to establish, merge, liquidate, and sell its companies by the legal and regulatory guidelines stipulated by Royal Decree No. 2021/57, promulgating the System of Oman Investment Authority.
The project is expected to substantially contribute to the growth of revenues generated from the synergy of the two merged companies. This synergy will be realized by integrating value chains and the potential benefits of consolidating procurement, contracts, logistics, and business activities.
Employees of Nitaj and FDO:
The merger project will consider the impact on employees of both companies.
They will be kept informed on relevant matters. The Board of Directors of both companies will share relevant and appropriate information with them while also holding open discussions about the project.
Financial Institutions:
The Board of Directors of both companies will communicate with their respective financing institutions and inform them about the merger to ensure transparency and compliance with the legal and contractual aspects.
Projects and Contractors:
The obligations of the two companies will be assessed in light of the projects currently under implementation and the existing contracts with contractors to ensure that such commitments will not be adversely affected by the merger of the two companies.