Ominvest to redeem its perpetual subordinated bonds on first call date


Muscat: Oman International Development and Investment Company (Ominvest) – the leading investment company in the Sultanate – announced its decision to redeem its perpetual bonds on its first call date. The bonds are valued at OMR 60.638 million and are listed on the Muscat Stock Exchange with a fixed annual interest rate of 7.75%.

The bonds will be redeemed on June 6, 2023, followed by the payment of the principal amount and accrued interest, and the delisting of the bonds from the Muscat Stock Exchange. Ominvest’s decision to take this step is a direct result of the company’s strong financial performance and robust liquidity position. 

Abdulaziz Mohammed Al Balushi, the GCEO of Ominvest, commented on the call option decision, stating: “The strong financial position of the group and the availability of good liquidity enabled us to take this strategic step, particularly after announcing the issuance of new perpetual bonds in April 2023, with a value of OMR 60.158 million and a fixed annual interest rate of 5.25%. After completing the redemption process, Muscat Clearing and Depository Company will disburse the value of the bonds, along with the due interest, to the bondholders based on their records as of June 4, 2023.”

In addition, Ominvest reported strong unaudited results for the first quarter of the year, which included a 104.9% increase in group revenues to reach OMR 116.0 million, compared to OMR 56.6 million in the same period of the previous year. Net profit attributable to Ominvest shareholders also increased by 37.2% to reach OMR 12.1 million, compared to OMR 8.8 million in the corresponding period of 2022, placing the company in an excellent position to achieve outstanding results in the remaining months of 2023.

The GCEO of the group further added, “We are pleased with these outstanding results in the first quarter of 2023, which happen to coincide with the 40th anniversary of the group’s establishment. Today, we stand on the threshold of a completely different phase in the company’s journey, as Ominvest aims to solidify its presence as a regional and global player. We plan to expand our business portfolio geographically and sector-wise in the coming period, and achieving such promising results is a testament to that commitment. I would like to take this opportunity to thank our bondholders for their participation and continuous support.”

About Ominvest:

Ominvest is one of the largest listed investment companies in the region. Founded in 1983, it has been consistently profitable and has an enviable track record of uninterrupted dividend payments to shareholders. Ominvest owns high-quality durable assets in diversified sectors, producing healthy cash flows. As of 2022 year end, the company’s total assets stood at OMR 1.29 billion covering diverse sectors, including Banking, Insurance, Finance and Leasing, Financial Investments, Private Equity and Investment Banking. The company’s assets cover diversified geographies including the GCC and Asia in addition to significant investments in global capital markets. The company is led by a progressive board and a capable management team – dedicated to enhancing value for all stakeholders.