Dhofar International advances Muscat after stake sale

Dhofar International Development & Investment Holding Co, an Oman-based investment company, gained the most in almost three months after it sold its stake in Bank Dhofar. The shares rose as much as 7.5 per cent, the most since June 20, to 0.476 rial. They traded at 0.465 rial at 10:21 am in Muscat, giving the company a market value of 93 million rials ($242 million). Dhofar International sold 20.34 million shares, representing a 2.5 per cent stake, at 0.750 rial per share in Bank Dhofar, the country’s third-largest bank by assets, according to a statement on the Muscat Securities Market today. Bank Dhofar was unchanged at 0.727 rial.