Muscat: Sohar International has acted as the financial adviser to the popular on-demand delivery service major, Akeed, on raising its equity capital from investors.
Reiterating its strong market position, investor confidence and as part of its ongoing efforts to extend support to local start-ups and promote In-Country Value (ICV) within the Sultanate, this strategic initiative reflects Sohar International’s strong internal capabilities through a well-experienced team as well as a strong network and reaches to market such investment opportunities to existing and potential investors whether locally, regionally, or internationally.
Speaking on the occasion, Ahmed Al Musalmi, Chief Executive Officer, Sohar International, said, “At Sohar International, we have a strong purpose that puts winning at the heart of everything we do. Benchmarking across international markets, we continue to deliver institutional advisory services that are drawn from a thorough understanding of the local market and are further complemented with valuable insights that we gain from our international partnerships. The induction of fresh capital and new investors will provide further impetus to Akeed’s growth plan. Aspiring to bring the best of international banking practices to Oman, Sohar International will continue to enhance its value-added services for the benefit of its esteemed clients.”
The Investment Banking Advisory department of the bank provides guided assistance and asset management to both government agencies and corporates in framing the best capital structure, raising capital and monetising assets. The bank’s asset management department has all the required platforms for investors to tap the local and international markets. This includes an advisory capability for tailor-made portfolios based on risk profiling.
Co-founder of Akeed, Moosa Al Lawati said, “We are pleased to announce the round of funding for our business, and we are thankful to our investors, Phaze Ventures and IDO (Sovereign Fund) for supporting a local delivery company. Our mission has been to digitalise the restaurants and stores with state-of-the-art technology for customers. The support we receive will help us to make technological developments, create more delivery jobs and provide quality service to our customers and vendors. Sohar International has played a key role in introducing us to like-minded investors who are aligned with the vision and validated the team’s potential and business opportunity.”
Despite the global pandemic bringing its set of uncertainties to the financial sector, Sohar International’s focus on sustainable growth, uncompromising take on servicing its clients and ability to deliver exceptional value to its stakeholders has cemented the bank’s position as a trusted financial partner of choice. Backed by a team of experts well-versed in handling the complexities of a dynamic market, the bank has been able to assist its clients to better manage their funds.
Reiterating its strong market position and investor confidence, earlier this year the bank had completed the issuance of OMR6 million Perpetual Sukuk al Mudaraba Trust Certificate, by Takaful Oman Insurance - a leading Takaful company in Oman. The Perpetual Sukuk has an initial yearly profit rate of 8.5 per cent, payable semiannually through Takaful Sukuk Specialised Purpose Company (SPC) established by Takaful Oman for this specific programme.