Following in the wake of Oman’s maiden sovereign sukuk issue, incumbent Omantel is on track to become the country’s first company to take part in an Islamic financing.
Incumbent Omantel (MSM:OTL) will file a prospectus for a OR50m (US$130m) sukuk approved last March, it has been confirmed.
It is understood that Bank Muscat, Standard Chartered and HSBC are structuring the transaction, which is expected to take place in early 2016.
Capital Market Authority (CMA) executive president Abdullahbin Salim Al Salmi yesterday told local press that it was discussing the transaction with Omantel.
Late last month, the Omani government issued a five-year OR200m (US$520m) sukuk on the Muscat Securities Market, with Muscat Bank and Standard Chartered as lead managers. Linklaters provided legal advice.
The country’s first ever sovereign sukuk was expected to provide a benchmark, enabling domestic corporates to follow suit. That transaction was also first announced in March.