The Financial Services Authority (FSA) in Oman issued Oman Decision No. 2/2019 On the Acquisition and Takeover Regulation pursuant to Oman Sultani Decree No. 80/1998 On the Promulgation of the Capital Market Law (now abrogated by Oman Sultani Decree No. 46/2022 On the Issuance of the Securities Law) and the approvals of the FSA and the Ministry of Finance.

Article 1 of Oman Decision No. 2/2019 sets out a number of definitions. An “acquisition” is defined as an acquisition of shares in a listed company. A “takeover” is defined as an offer submitted by a person individually or collectively with others in order to acquire 25% or more of the voting shares of the company, and each subsequent offer will be considered a competing offer. The offer document contains all the details and information relating to the offer of the takeover, and it is sent to the shareholders of the offeree by the provider of the offer.

As per article 2 of Oman Decision No. 2/2019, its provisions will be applied in the following cases: