Dubai, April 3, 2012: HBG Holdings (“HBG”), a leading MENA focused private equity group, has announced the sale of its strategic stake in Muscat Finance Company ("MFC").
MFC is a financial services group listed on the Muscat Stock Exchange and regulated by the Central Bank of Oman. It operates 6 specialized branches and has provided over $1 billion in financing to over 85,000 customers since inception.
HBG acquired a strategic shareholding in May 2008 after a planned merger between National Finance Company and MFC was aborted. Since then MFC has achieved a market leading position according to Ernst & Young.