Oman’s Al-Jazeera Services has agreed to sell its 37 per cent stake in local Al-Anwar Ceramic Tiles to the state-owned Oman Investment Fund (OIF).

OIF had offered to purchase the stake for RO41.1m ($107m).

OIF will now carry out due diligence and get regulator and shareholder approvals.

Al-Anwar, which is traded on the Muscat Securities Market, reported an operational profit of RO4.3m for the first half of 2015. It had assets of RO44.4m at the end of June 2015. Damac Investment Company Kuwait is thought to hold 5.6 per cent of shares.

Al-Anwar’s share price fell 2.3 per cent to RO0.334 following the announcement.

The OIF is one of Oman’s main sovereign wealth funds. It has assets of $6bn according to the US-based Sovereign Wealth Fund Institute.