Omantel OMR/USD sukuk issuance opens for subscription

Reiterating the objectives of the sukuk issuance, Mr Talal Al Mamari, CEO – Omantel said, “The first sukuk issuance is a significant milestone for Omantel in its long and successful journey. We are proud to be the first to bring out a listed corporate sukuk issuance following the Government of Oman’s successful debut sovereign sukuk issuance recently. We are confident that the Omantel sukuk issuance will help contribute positively to the government’s objectives of enhancing the liquidity in the fast growing Islamic financial sector in Oman, and we hope that it will set a new benchmark amongst corporate sukuk issuances and further strengthen the country’s capital market and wider economy.”

For the purpose of the sukuk, an issuer SPV has been created and registered with the MoCI (Ministry of Commerce & Industry) named First Issue SAOC. The proceeds of the sukuk is primarily aimed at being utilized for building a new headquarters for the company, besides other corporate purposes.

Once issued, the certificates of the sukuk issuance is expected to be listed on the Muscat Securities Market and Muscat Clearing & Depository Company SAOC will act as certificate holders’ agent, paying agent and registrar for the sukuk.

Omantel is the largest telecom company in Oman with a domestic subscriber base of over 4.3 million including mobile resellers and 59% mobile network market share as at Q3, 2015. Omantel was awarded the Leading Corporate for Investor Relations and Best Investor Relations Professional in Oman for the year 2015, at the 7th Annual Middle East Investor Relations Society (MEIRS). Omantel has been voted by Brand Finance as the most valuable brand in the Sultanate for the fifth consecutive year as well as the most trusted brand in telecom sector in Oman as revealed by Oman Economic Review brand survey.