Ominvest to issue Perpetual Sukuk worth OMR52 million

Ominvest to issue Perpetual Sukuk worth OMR52 million

Muscat: In its Extraordinary General Meeting (EGM) held on November 17, Oman International Development & Investment Company (Ominvest) obtained its shareholders' approval to issue Unsecured Subordinated Perpetual Sukuk Al Mudaraba Certificates (Sukuk) worth OMR52 million. The Sukuk will be issued by Ominvest and exchanged for shares (Treasury Shares) held by Jabreen International Development Company (Jabreen), a fully owned subsidiary of Ominvest. After the exchange transaction is completed, the Treasury Shares will be cancelled by Ominvest. The issuance of the Sukuk and the exchange transaction are "in-principal" approved by Capital Market Authority and are subject to final regulatory approvals. The Sukuk will be in exchange for 139, 406, 903 treasury shares, which represent 17. 26 per cent of Ominvest's equity capital. Ominvest plans to acquire the Treasury Shares at 373 baisas per share from Jabreen, which is at a significant premium to the current market price. Subject to the regulatory approvals, the Sukuk will be listed on Muscat Stock Exchange (MSX), bolstering market activity by bringing additional liquidity and a new investor base. Alizz Islamic Bank and Ubhar Capital are joint issue managers and advisors on the proposed issuance of the Sukuk. Jabreen will subsequently sell the Sukuk to other investors