Alizz islamic bank SAOG (MSM:BKIZ) received offer letter from Oman Arab Bank SAOC. As per offer, swap ratio for merger will be around 81%: 19% for OAB and AIB respectively. swap ratio will be based on audited year-end 2019 net book values of both banks.

OAB will issue its shares to shareholders of aib based onagreed swap ratio. Price adjustments to be made in relation to movements in both banks' financials between 31 December 2019 and actual transaction date. Final structure will result in OAB becoming a listed holding company and AIB becoming an SAOC.