Friday 19 / April / 2024
Muscat: The Capital Market Authority (CMA) approved the allocation of 100 per cent of the second Sukuk issue for Meethaq Sukuk company for each subscriber due to the increase in demand to reach OMR45.6 million.
The initial public offering (IPO) volume was OMR25 million with a maximum option of OMR55 million. The periodic distribution dates of the Sukuk were approved on May 22 and November 22 each year for a period of five years ending on May 22, 2024.
The IPO results show that the volume of turnout for the long-term debt instruments is large and carries positive indicators of investor confidence and willingness to capitalise on investment characteristics.
In addition, there is cash liquidity to be used in activating the wheel of the national economy and investing in large productive projects through which job opportunities are provided for a large segment of young people, as well as other economic and social benefits.
CMA approved a prospectus for the issuance of second Meethaq Sukuk of OMR25 million for the IPO and a profit rate of OMR5.5 per cent annually for a period of 5 years, which will become mature in 2024.
CMA approved Sukuk programme of OMR100 million. The first programme was completed in May 2017 at OMR44.6 million for five years at a profit rate of 5 per cent which will become mature in 2022.
