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Muscat-listed Oman Arab Bank SAOG has issued two-year mandatory convertible bonds (MCB) of 10 million Omani rials ($26 million) with a coupon of 6%, which will be allotted to shareholders to optimise capital structure.
The bonds were issued on October 9th and listed on Muscat Stock Exchange’s bonds and sukuk market on Sunday October 13th.
OAB is 49% owned by Arab Bank, one of the largest financial institutions in the Middle East, and 31.64% owned by Oman International Development and Investment.
A bond prospectus, released last month, said the purpose of the issue was to optimise capital structure and distribute a dividend to shareholders owing to the bank’s strong performance.
(Writing by Imogen Lillywhite; editing by Brinda Darasha)
