• 15 Nov

    Oman's state-owned utility firm issues 500 mln dollars debut sukuk certificates

    Oman's state-owned power distribution firm Mazoon Electricity Company on Monday said that it had raised 500 million dollars from a 10-year sukuk issue.

    The Sharia-compliant sukuk or Islamic bond was issued at a profit rate of 5.20 per cent.

    "Since 2014, the group's financing programme - Lamar Project - has so far achieved financing OMR1.407 billion (3.64 billion dollars) up to date. The fundraising programme will support the group's electricity transmission and distribution network investments," said Hassan bin Mohammed Al Lawati, chairman of Electricity Holding Company, which is called Nama Holding. Mazoon Electricity is a wholly-owned subsidiary of Nama Holding.

    The sukuk will be listed on the Irish Stock Exchange.

    "It was a remarkable success of Mazoon Electricity Company's debut Sukuk issuance. Robust demand from international and Islamic investors prompted Mazoon to tighten pricing from price guidance to reach the profit rate of 5.20 percent," added Hussain Abdullatif Al Balushi, group chief financial officer of Electricity Holding Company.

     

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