Apr 17 2012
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OAB raises RO50m via bonds
Abdul Kadar Askalan the CEO of the Bank said that the amount raised against the target and the sort of institutions that subscribed attests to the reputation of the Bank and the confidence of the financial circles in its management.
Askalan thanked the Central Bank of Oman and the Capital Market Authority for their support and guidance for the Bond Issue. He remarked that such issues add to the vibrancy of the market and allow banks to tap more sources for capital. The management of the bank allotted 50 million bonds against a commitment of more than double the amount raised.
The issued bonds will provide Tier II capital for the Bank. The maturity of the bonds is five years and one month, and these are subordinated, unsecured, non convertible to ordinary shares. The bonds are to be listed on the Muscat Securities Market in few days.
The Investment Management Group (IMG) the investment banking arm of the Oman Arab Bank managed the issue and the process of fund raising for the bonds. IMG is working at other assignments as well related to securities market both equity and debt.
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