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Apr 21 2012

Al Omaniya Financial bond issue to be listed on MSM today

Al Omaniya Financial Services ' latest bond issue will be listed on the Muscat Securities Market (MSM) today. The RO10mn issue of compulsorily convertible bonds was oversubscribed with proceeds of RO11.9mn.

The bond issue will help the company meet the Central Bank of Oman's regulatory requirement of incremental capital enhancement for the next five years and to meet the growth and expansion plans of the company.

Aftab Patel, chief executive officer of Al Omaniya , said that the company performed well in its first quarter and is optimistic about the coming quarters of 2012. "Barring unforeseen circumstances, the company is expected to perform very well and maintain its track record of increased earnings and dividends."

Apart from Al Omaniya , Oman's other leasing and finance companies are looking to raise funds through right issues to support the growing demand for credit and also to meet the minimum capital requirements of RO21mn by December 2012 and RO25mn by 2016, stipulated by the Central Bank of Oman.

© Muscat Daily 2012

© Copyright Zawya. All Rights Reserved.


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