Stock - Al Ansari
Al Ansari operates more than 200 currency exchange outlets in the UAE and had been actively seeking expansion possibilities outside as well. Image Credit: Gulf News Archive

Dubai: The DFM-listed Al Ansari Financial Services plans to take a majority stake in one of Oman’s ‘prominent (currency) exchange companies’. A formal request has been placed by the UAE firm with the Omani authorities.

“The Group has received an initial approval subject to meeting the necessary regulatory conditions,” said Al Ansari Exchange in a statement. At the time of its IPO, the company had spoken about plans to widen its footprint in the Gulf, through organic moves as well as acquisitions.

The identity of the Omani firm has not been revealed, but Al Ansari does say that the acquisition is 'still in its initial stage and subject to the necessary regulatory approvals and due diligence'.

If all goes to plan, Oman will be the group’s second expansion in the region after Kuwait.

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The deal could be finalised in Q1-2024. "The planned acquisition of a prominent exchange in Oman will provide us with the opportunity to bring the best of Al Ansari Financial Services to a new and exciting market given our deep expertise and market experience,” said Rashed A. Al Ansari, Group CEO.

“We are committed to delivering on our strategic roadmap designed to unlock shareholder value by exploring various growth and expansion opportunities, including inorganic growth through acquiring businesses to gain access to new markets."

The stock will start trade today on DFM at Dh1.21. Its peak has been at Dh1.30. 

The Omani market is very attractive and one that we believe will support our goal of expanding our footprint in countries with a significant expat population and a resilient economy

- Rashed A. Al Ansari of Al Ansari Financial Services