Al Ansari Financial Services PJSC (DFM: ALANSARI) announced that it has signed an agreement to acquire a stake in Mustafa Sultan Exchange Co. L.L.C., a foreign exchange and remittance company operating in the Sultanate of Oman, for a company value of AED 23 million.
According to the company, the proposed transaction marks Al Ansari Financial Services’ entry into the Omani market and supports the Group’s strategy to expand its regional financial services platform across key GCC markets.
Established in 1988, Mustafa Sultan Exchange operates a network of 21 branches across Oman and provides foreign exchange and remittance services to both individual and corporate customers.
Key highlights:
• Al Ansari Financial Services to acquire a stake in Mustafa Sultan Exchange
• Transaction values the company at AED 23 million
• Marks Al Ansari’s entry into Oman
• Mustafa Sultan Exchange operates 21 branches across Oman
• Supports regional expansion strategy across GCC markets
• Transaction subject to regulatory approvals from the Central Bank of Oman and relevant authorities
The company stated that the acquisition is expected to strengthen its position across the Gulf region by expanding its remittance, foreign exchange and payment solutions platform while diversifying its customer base and regional footprint.
According to Al Ansari Financial Services, the transaction also aligns with the Group’s broader digital transformation strategy. The company intends to leverage its investments in:
• Digital payments
• Financial technology solutions
• Customer experience platforms
• Operational infrastructure
Rashed A. Al Ansari, Group Chief Executive Officer of Al Ansari Financial Services PJSC, stated that Oman represents an important market within the GCC and described the transaction as part of the Group’s disciplined regional expansion strategy focused on long-term growth and shareholder value creation.
Upon completion, the Group intends to work closely with Mustafa Sultan Exchange’s management team while maintaining a focus on customer service, innovation, operational excellence and regulatory compliance.
Source: Dubai Financial Market (DFM) Disclosure / Al Ansari Financial Services
Disclaimer: This post is for informational purposes only and should not be considered investment or financial advice.