Omantel’s debut sukuk opens for subscription

Oman Telecommunications (Omantel), the Sultanate’s incumbent telecoms operator, has opened for subscription its debut OMR50 million (USD129.4 million) sukuk issue, writes the Times of Oman. The Islamic bond, which will have a lifespan of five years, is offered on private placement to Omani and international investors, who will be able to subscribe in both US dollars (USD) and Omani rials (OMR). The minimum subscription amount is OMR100,000/USD260,000 and the profit rate will be set through a uniform price auction to be finalised upon closing of the subscription period, which is planned for 26 January. Omantel has mandated Standard Chartered Bank as sole structuring advisor, while HSBC, National Bank of Oman and Standard Chartered Bank have been hired as joint placement agents for the issue.