Omantel Disclosure about launching Sukuk Issue

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Omantel Disclosure about launching Sukuk Issue

Muscat: Oman Telecommunications Company (Omantel) has announced a series of fixed income calls with qualified invesotrs starting from January 16, 2023 to discuss the anticipated benchmark 7-year Sukuk offering in US dollars.

In a disclosure to the Muscat Stock Exchange the company said: “Following the disclosure on 23 October 2023, regarding the postpone of Sukuk issuance, the Oman Telecommunications Company (Omantel) is pleased to announce a series of fixed income calls with qualified investors starting from January 16, 2024. A benchmark — USD- denominated Rule 144A / Reg S debut 7- year sukuk offering is expected to follow.

The proceeds of the issuance will be used to repay the bridge loan of US $460m.

A further update will be provided upon closing of the transaction. Generally, it is expected that this transaction will have positive impact on Omantel’s financial position.”

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