Omani investment holding firm Transgulf Investment Holding and Al Madina Financial and Investment Services have announced plans to merge to create a 'stronger entity,' Muscat Daily has reported. The two firms hired KPMG as the independent consultant to carry out the necessary procedures with respect to the merger. Transgulf Investment already holds a 19.64% stake in Al Madina Financial Services. The company posted a net profit of OR2.33m for the quarter ended December 31, 2012, compared with a net loss of OR311,705 for the same period a year ago.
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