OIFC (or Oman Investment and Finance Co. SAOG) is the leading utility billing and debt factoring company in the Sultanate of Oman. Established in 1979, OIFC factors bills and debts for the Public Authority of Electricity and Water, Omantel, Oman Mobile, Muscat Municipality and The Wave - Muscat. OIFC is a Joint Stock Company with a share capital of RO 12 Million listed on the Muscat Securites Market (NYSE:MSM).
The Damocles' sword of losing the contract with Omantel has been hanging on OIFC's neck for as long as I remember. It's a curious business - however, they have chugged along and trying desperately to diversify into other businesses.
Today, the stock is up on romours:
- OIFC may get a RO 6 million out of disputed RO 16 million (which it wrote-off earlier) from Omantel - curiously, Omantel stock hasn't budged on this news. Plus, it would be a one-time income.
- OIFC may get internet bill connection contract from Omantel - OIFC already has it!
Caution: These are notes to myself.
Disclosure: No Position