Dentons advises Mohammed Al Barwani Holding

The firm advised the company on its inaugural issuance of a USD76 million Sukuk, which represents the first dual tranche Sukuk issuance in Oman.

The firm advised the company on its inaugural issuance of a USD76 million Sukuk, which represents the first dual tranche (OMR and US dollar) Sukuk issuance in Oman, with the Muscat Clearing and Depository Company clearing and settling US dollar denominated securities for the first time. The transaction also represents the first Sukuk issued pursuant to the newly enacted Sukuk regulations in Oman, and the second corporate Sukuk in Oman to date.The transaction was completed on June 29, 2016.

The certificates were listed on the new Bonds and Sukuk Market of the Muscat Securities Market, as required by the amended Executive Regulations of the Capital Market Law for private placement with sophisticated investors in the GCC.

The National Bank of Oman acted as Issue Manager, with Standard Chartered Bank acting as Joint Placement Agent.

The Dentons team was led by partners Alex Roussos and Sadaf Buchanan, with assistance from senior associate Beene Ndulo and associate Sana Siddiqui in Dubai and in Muscat by senior associate Justine Harding, associate Yasser Taqi and trainee Budoor Moosa. Partner Abdelrahman El Nafie led on the translation of the Arabic prospectus together with partner Nick Simpson on the incorporation of the issuing vehicle, with senior associate Darshi Sanganee, and associates Al Waleed Al Kiyumi and Abdelredha Al Lawati.