Oman National Engineering & Investment Company (ONEIC) has ended discussions over a potential merger with Oman Investment & Finance Company.

The merger talks were first announced on 12 October. However, ONEIC decided to end the talks following a report on the viability of the merger submitted to it by international consultant Deloitte & Touche.

According to a statement by ONEIC, the study found that the merger was not viable due to a lack of synergies between the two companies.

ONEIC’s board of directors held a meeting on 26 December, at which they decided to scrap the merger plans. The company says it informed its counterparts at Oman Investment & Finance Company later that day.

Both companies are listed on the Muscat Securities Market. 

Separately, ONEIC has been awarded a $1.6m operations and maintenance contract for a series of government facilities by the Royal Court Affairs office.

The two-year contract award was announced on 28 December. It covers the operation and maintenance, housekeeping and cleaning of the Royal Garage and Workshop, the Royal Cavalry at Al-Adyat and the Royal Camel Corps & Race Track at Al-Felaij.