News & Events

Al Omaniya approves RO 10 Million Bond Issue


The Board of Directors of Al Omaniya Financial Services SAOG at their meeting held on 14 September 2011 has approved a proposal to raise RO 10 Million Compulsorily Convertible Bond through Rights basis to the existing shareholders subject to the approvals from the regulatory authorities.

 

Mr. Aftab Patel, Chief Executive Officer of the company further stated that the Bond would be raised to meet the new minimum Paid-up Capital of RO 25 million by the end of December 2016.  The Bond will be of 5 years maturity, 20% of the bonds will be fully converted in equity shares every year to meet the minimum capital requirements as stipulated by the Central Bank of Oman.  Mr. Patel further added that the Bonds will be unsecured and the coupon rate is 5.5% per annum with interest payable semi annually. Gulf Baader Capital Markets SAOC is going to manage the Issue.    The Issue of the Bonds is subject to approvals from Central Bank of Oman, Capital Market Authority and other regulatory authorities.

 

Mr. Patel further stated that the proposed Bond issue is being made with the objective of augmenting the long term capital needs of the company, matching the maturity gaps in the funding and to meet the minimum Paid-up Capital requirements stipulated by the company’s main regulator Central Bank of Oman. 

 

The company’s current Paid-up Capital is RO 15.558 Million and net worth is of RO 42.702 Million.  The company will achieve the earlier minimum capital requirement RO 20 million with the conversion of its earlier bonds. 

 

Mr. Patel stated that the company has performed well for the first six months of the current year considering the challenging economic scenario. For the first six months of 2011, the company has achieved a net profit of RO  2.068 Million.

 

The company has recently been rated as the No.1 NBFC by the Ernst & Young – Business Today survey. 

 

The company hopes to perform well for the year 2011 and maintain its track record of consistent Dividends and Earnings.


 

PRESS RELEASE ISSUED BY MR. AFTAB PATEL – AL OMANIYA FINANCIAL SERVICES.

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