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RO 10 MILLION BOND ISSUE OVERSUBSCRIBED


AL OMANIYA  RO 10 MILLION BOND ISSUE OVERSUBSCRIBED

Al Omaniya Financial Services, Oman’s largest Non banking Financial Institution is pleased to announce that the RO 10 million bond issue was oversubscribed. The Bond issue was subscribed to the extent of 120% according to preliminary report received from the Issue Manager.  The bond issue will be listed on MSM as soon as the statutory formalities are completed.  

The company current paid-up share capital is RO 16.33 million and it will be RO 20 million approximately after conversion of existing Bonds of RO 1.555 million and RO 7.713 million by end of April and September 2012 respectively.  The objective of the current issue of RO 10 million fully compulsorily convertible bonds is to meet the new regulatory capital requirement increasing share capital to RO 25 million by end of year 2016.   The bonds will be converted into equity shares within a tenor of 5 years, converting 20% each on completion of 12 months, 24 months, 36 months, 48 months and 60 months and the coupon rate will be 5.5% per annum paid semi-annually.

With the above Bond issue, the company’s net worth for regulatory purposes will be RO 52 million subject to regulatory approvals, the highest in the industry.  The company has performed well in the first quarter on all parameters and expects to maintain earnings and dividends on a sustainable basis for the year 2012.  The company has achieved good growth in its assets size as well as profitability and retains its status as Oman’s largest non-banking services provider.  The company will continue to utilize the business opportunities and expand its asset size and revenues in the next quarters of 2012.  

Mr. Aftab Patel further stated that the company thanks all its shareholders for their continued and overwhelming support and confidence in the company.  

Al Omaniya Financial Services is the only NBFC in the sultanate to be rated by Moody’s with a reaffirmed global scale Ba3 with a stable outlook for the year 2011-2012.

This was announced by Mr. Aftab Patel, Chief Executive Officer in a press statement.

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