Muscat: Oman Sovereign Sukuk Company announced on Sunday, on behalf of the Government of the Sultanate of Oman, the launch of the twelfth issue of local sovereign sukuk valued at OMR100 million, with an option to increase by an amount not exceeding OMR50 million, for a maturity period of 7 years at a profit rate of 4.85 percent per annum.
Subscription (submission of bids) will open on Monday and will close on 25 October, provided that these sukuk are issued on the settlement day corresponding to 29 October. The profit due on the sukuk will be paid four times a year, on 29 January, 29 April, 29 July, and 29 October of each year until the sukuk value maturity date on 29 October 2033.
Subscription to this sukuk issue is available to all categories of individuals, institutions, and investors from within and outside the Sultanate of Oman of various nationalities through two tracks: the competitive track, which enables all investors to subscribe by visiting the local bank branches specified in the prospectus and submitting bids through the competitive auction in accordance with approved procedures and controls; and the non-competitive track, which enables individual investors to subscribe electronically via the bank applications specified in the prospectus, applying the declared fixed profit rate of 4.85 percent, with a maximum limit of OMR10,000 per investor. Subscribing investors can obtain prospectuses and subscription forms through the Ministry of Finance website or the collecting banks' websites.
Those wishing to subscribe must obtain an investor number by visiting the website of Muscat Clearing and Depository Company or through the "Oman Stocks" application, at least one day before submitting the subscription application at the collecting banks specified in the prospectus.
These sukuk comply with the provisions of Islamic Sharia and are tradable (buying and selling) at the prevailing market price through the Muscat Stock Exchange. Details and data of the sukuk allocated to subscribers in this issue will be registered and documented in the special sukuk register, which is maintained and managed by Muscat Clearing and Depository Company.
Oman Sovereign Sukuk Company emphasises the necessity for the bank account number written on the subscription application to match the one registered with Muscat Clearing and Depository Company to ensure a smooth subscription process and the timely receipt of profit and principal subscription amounts on maturity dates.