ONEIC cancels merger plans with local firm

(MENAFN) Power maintenance firm Oman National Engineering & Investment Co (ONEIC) announced that it has decided not to proceed with a merger with a rival Omani utility billing firm, Reuters reported. In September, ONEIC had been approached by Oman Investment & Finance in September for an all-share merger that would consolidate operations and expand their networks. ONEIC, which had conditionally accepted the offer, pending more details from Oman Investment & Finance, said in a statement on the Muscat bourse that committees from the two firms met on December 26. The committee formed by ONEIC informed that ONEIC is not interested to move forward on the proposed merger based on report submitted by the external consultant appointed by (ONEIC), the statement said.