The board of directors of the National Hospitality Institute (NHI) has approved the conversion of the company from a public joint stock (SAOG) to a closed joint stock structure (SAOC). As part of the conversion process, the largest shareholder of the company, Renaissance Services, will offer to purchase shares from minority shareholders who hold less than 5,000 shares at a price 15% above the net asset value per share. The net asset value as of December 31, 2015 was OMR0.463 per share, and the purchase price would be OMR0.532/share, NHI said. NHI said that the conversion process will be presented to shareholders at an extraordinary general meeting (EGM) for consideration and approval. (Muscat Daily)