The move follows Capital Market Authority executive president’s call for Oman’s brokerage firms to consolidate.
Gulf Baader Capital Markets (GBCM) announced that it has received a merger offer from Financial Services Company.
In a bourse filing, Financial Services said its board of directors resolved to commence discussions with GBCM to explore the possibility of creating a new entity offering stock broking and investment advisory services.
This is subject to obtaining final approvals from the respective boards of directors, shareholders and regulators.
“We would like to inform that our subsidiary company Gulf Baader Capital Markets received a merger offer on Tuesday from Financial Services,” added Gulf Investment Services Holding.
According to Muscat Securities Market (MSM), there are more than 17 brokerage houses operating in Oman market with many smaller firms struggling for volumes.