Oman Sovereign Sukuk Company has launched the 12th issue of local sovereign sukuk, valued at RO100 million, with a seven-year maturity and an annual profit rate of 4.85%, the Oman News Agency reported on Sunday.
The company, which is issuing the sukuk on behalf of the Government of Oman, has the option to increase the issue by up to RO50 million.
Subscription applications and bids open on Monday, October 19. The subscription period closes on Sunday, October 25.
Settlement and issuance are set for October 29. Profit will be paid quarterly, on January 29, April 29, July 29 and October 29, until final maturity on October 29, 2033.
The issue is open to individuals, institutions and investors of all nationalities, both inside and outside Oman, through two tracks.
Under the competitive track, investors submit bids through branches of the local banks named in the prospectus.
Under the non-competitive track, individuals can subscribe electronically through approved banking apps at the announced profit rate. Each investor can subscribe for up to RO10,000 under this track.
Applicants must obtain an investor number from Muscat Clearing and Depository, through its website or mobile app, at least one day before applying.
The sukuk are sharia-compliant and can be bought and sold on the Muscat Stock Exchange at prevailing market prices.
