Trowers advises on largest corporate perpetual bonds issuance in Oman

Trowers & Hamlins advises Ubhar Capital SAOC in its capacity as an issue manager on the issuance of OMR60,158,904 unsecured, perpetual and subordinated bonds by Oman International Development & Investment Company SAOG (Ominvest).

Ominvest is a public listed company with an extensive footprint in Oman and investments in diversified sectors including banking, asset management and advisory, insurance and real estate.

The issuance will allow Ominvest to distribute dividends to its shareholders, owing to its strong financial performance and liquidity position.

Trowers & Hamlins acted as transaction counsel and advised on all aspects the issuance. The team was led by partner and head of the international banking & finance, Salman Ahmed with support from Jonathan Grosvenor (senior associate) and Phoebe Lim (associate).

This also marks the firm’s third successful debt capital market issuance with Ominvest in the past five years, with the first two being Ominvest’s OMR75,000,000 deferrable unsecured perpetual subordinated fixed rate resettable bonds in 2018, and its OMR 52,000,000 unsecured subordinated perpetual Sukuk Al Mudaraba certificates in 2021 – a testament to the firm’s growing presence and reputation in Oman’s capital markets sector and its commitment to the Omani market.

Salman Ahmed, commented, “We are extremely pleased to have advised Ominvest and Ubhar Capital on yet another successful issuance. Our long-standing relationship with various stakeholders and familiarity with the Omani capital market sector has allowed us to work seamlessly to achieve an end-to-end completion within two months.”