09/11/2026 04:43 AST
Oman International Development and Investment Company (Ominvest) has raised RO100mn through a private placement of perpetual sukuk, with the issue attracting subscriptions twice the size of the total offer, including the greenshoe option.
The company announced on Saturday that it had completed the issuance of unsecured perpetual subordinated Sukuk Al Mudaraba Trust Certificates, comprising a base offer of RO80mn and an additional RO20mn greenshoe option, which was exercised in full.
The fundraising will strengthen Ominvest's financial flexibility and expand its perpetual capital base ahead of the redemption of its existing sukuk issued in 2021, the company said in a statement.
The issue attracted more than 90 investors, including pension funds, government-related institutions, banks, asset managers and high-net-worth individuals.
The sukuk carry an initial annual profit rate of 6.50%, payable quarterly in arrears until the first reset date. Ubhar Capital and Alizz Islamic Bank acted as joint issue managers.
Issued through Ominvest's wholly owned subsidiary, Ominvest New Sukuk Issuance SPC, the perpetual instruments have no fixed maturity date. Ominvest has the option to redeem them on the first call date or a subsequent anniversary, subject to the terms of the prospectus, while investors cannot require early redemption. If the sukuk remain outstanding beyond the first call date, the expected profit rate will be reset in accordance with the prospectus.
Rashad Muhammad Al Zubair, chairman of Ominvest, said the issuance reflected the board's commitment to maintaining a prudent and sustainable capital structure.
"Perpetual capital gives the group flexibility across market cycles and continuity as we redeem our 2021 sukuk. We remain focused on disciplined capital allocation, transparent communication and the interests of our sukuk holders, Ominvest shareholders and wider stakeholders," he said.
Abdul Aziz Mohammed Al Balushi, Group CEO of Ominvest, said the successful fundraising at a competitive 6.50% profit rate, despite challenging global financing conditions, demonstrated investor confidence in the company's financial strength and growth strategy.
"This milestone enhances our financial flexibility and positions us for future growth," he said.
The sukuk issuance comes as Ominvest pursues further strategic investments. Al Balushi also disclosed that the company's board had approved its participation as a strategic investor in the proposed merger of Alizz Islamic Bank with Bank Nizwa, subject to regulatory approvals.
The new sukuk are expected to be listed on the Bond and Sukuk Market of the Muscat Stock Exchange on November 8, 2026, following the allocation process.
Separately, Ominvest has issued an irrevocable notice to redeem all outstanding RO52mn of its unsecured subordinated perpetual Sukuk Al Mudaraba Trust Certificates issued through Sukuk Trust SPC on December 13, 2021. The redemption is scheduled for December 13, 2026, the first call date, at the outstanding face value together with any outstanding payments.
Muscat Daily
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