Shares in Omani companies are generally freely transferable unless the company's articles of association restrict or limit their transfer. However, some companies might have pre-emption rights or require approval from existing shareholders or the board of directors for the transfer of shares.
The sale of shares usually involves an agreement between the seller and the buyer. This agreement typically includes details about the number of shares, price, payment terms, and any conditions precedent or subsequent.
The sale of shares often requires the sale agreement and registration with the Ministry of Commerce, Industry, and Investment Promotion or the Capital Market Authority, depending on the type of company and its activities.
The Civil Procedure Law (Royal Decree 29/2012) in Oman provides the legal framework for civil proceedings, including dispute resolution related to the sale of shares. It outlines procedures for litigation, enforcement of judgments, and arbitration.
In case of disputes arising from the sale of shares, parties involved may resort to litigation or arbitration, depending on the clauses in the sale agreement or the company's articles of association.
