Oman International Development and Investment Company SAOG (Ominvest), one of the largest investment companies in the MENA region, is gearing up to publicly issue an RO 50 million perpetual bond to seize future growth opportunities and further strengthen its balance sheet and the funding structure. Ominvest holds substantial interests in the banking, insurance and leasing sectors and building its capabilities in financial investments, investment banking and real estate.
To achieve its goal of enhancing and sustaining shareholder value, Ominvest is focused on the following six major initiatives: (i) further build its presence in the banking sector through Oman Arab bank and help improve performance of other strategic investments in the sector, (ii) expand footprint in the regional insurance sector through its Subsidiary National Life & General via organic growth and bolt-on acquisitions, (iii) explore strategic collaborations among its leasing associates National Finance & Oman ORIX to realise synergies, (iv) build and grow its investment banking and asset management platform, U-Capital, to provide value-added services to clients and generate steady fee income, (v) develop a diverse and high quality portfolio of financial investments in public and private equity through its subsidiary ONIC, and (vi) develop a top-tier real estate investment and projects advisory business through its subsidiary ORIS.
Ominvest enjoys a strong liquidity position and ample funding lines from local and regional banks at highly attractive rates.
The issuance of the perpetual bonds is part of Ominvest’s Strategic Plan, which was approved by the Board early this year. Issuance of the bonds will further strengthen Ominvest’s funding base and put in place a source of permanent capital, which will also enhance asset-liability matching — as most of Ominvest’s investments tend to be long-term.
Just as Ominvest is preparing to launch its perpetual bond, the company has received a BBB (investment grade) rating with a stable outlook from Capital Intelligence.
The Board and the Management team are pleased to secure this rating and looking to further build on it in years to come.
The above initiatives, which are already well under way, will help diversify Ominvest’s revenue streams, keep potential risks well under control across the group companies, improve quality of earnings, help attract high quality human capital to create durable value for all stakeholders.
ONIC inks share sale purchase pact with OIF
Oman National Investment Corporation SAOC (ONIC), a subsidiary of Oman International Development and Investment Company SAOG (Ominvest), has signed a Sale Purchase Agreement (SPA) with Oman Investment Fund (OIF), a wealth fund of the Sultanate of Oman, for the purchase of 15 per cent of shares in Ominvest (corresponding to 104,905,497 shares) for the value of RO 0.478 per share. The announcement came in a filing to the Capital Market Authority (CMA) yesterday.
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