Ominvest to redeem its perpetual subordinated bonds on first call date

Ominvest to redeem its perpetual subordinated bonds on first call date

Muscat: Oman International Development and Investment Company (Ominvest), the leading investment company in the Sultanate, announced its decision to redeem its perpetual bonds on its first call date. The bonds are valued at OMR60.638 million and are listed on the Muscat Stock Exchange (MSX) with a fixed annual interest rate of 7.75 percent.

The bonds will be redeemed on June 6, 2023, followed by the payment of the principal amount and accrued interest, and the delisting of the bonds from the Muscat Stock Exchange. Ominvest’s decision to take this step is a direct result of the company’s strong financial performance and robust liquidity position.

Abdulaziz Mohammed Al Balushi, the GCEO of Ominvest, commented on the call option decision, stating: “The strong financial position of the group and the availability of good liquidity enabled us to take this strategic step, particularly after announcing the issuance of new perpetual bonds in April 2023, with a value of OMR60.158 million and a fixed annual interest rate of 5.25 percent. After completing the redemption process, Muscat Clearing and Depository Company will disburse the value of the bonds, along with the due interest, to the bondholders based on their records as of June 4, 2023.”

In addition, Ominvest