MUSCAT: The Muscat Stock Exchange MSX30 Index closed last week at 4,805.07 points, up by 8.4 points and 0.18% high from the previous trading session, which stood at 4,796.66 points. All major sector indices declined, except for the Shariah index, which rose by 0.02 %. The financial sector decreased by 0.46%, The industry sector Index was down by 0.51%, and the service industry index fell by .89%.
Oman Investment & Finance announced the initiation a legal case to invalidate the resolutions of the EGM to dissolve and merge OIFC, The company informed its shareholders that it was notified by the competent court on Thursday that a case has been initiated against the company by a number of shareholders, requesting the court to invalidate the resolutions of the EGM of the company, regarding its approval of the merger of the Company with Dhofar International Development and Investment Holding Company SAOG through incorporation.
Raysut Cement has engaged an independent technical consultant to conduct a technical audit to ascertain the technical Integrity and advise on measures to be taken to ensure the operational sustainability of the company. Management is also in the process of finalizing the turnaround plan which will be later reviewed by an expert and the board. The turnaround plan is expected to be completed within the next three months. To ensure the sustainability of its operations, the company is working on securing a bridging loan with the objective of meeting the company’s short-term needs until the successful structuring of the long-term capital raising. The company also appointed an international firm to conduct a forensic investigation on the activities which led to the company incur losses.
The Oman REIT Fund announced that they have successfully secured a new shariah compliant term facility from Al Muzn Islamic, the Islamic window of National Bank of Oman, for a total amount of RO 30,000,000, the facility documents were signed by both parties on July 9th, 2023. The loan tenure is 14 years, secured by mortgages valued at 2x the drawn facility amount. This facility will support the crucial role in advancing our strategic objectives and expanding our portfolio. they have already utilized the first portion of this facility on July 16, 2023, amounting to RO 7,600,000, to acquire a highly promising asset; Nesto Wadi Kabir Building featuring an existing long-term lease with an unexpired lease term of c. 15 years with Nesto Hypermarket, which aligns perfectly with their strategy of stabilizing future returns and increasing the weighted average unexpired lease term (WAULT) of their portfolio.
The total credit granted by commercial banks in the Sultanate of Oman during the first quarter of 2023 increased by 5.5 percent to RO 24.28 billion compared to RO 23.10 billion in the same period of 2022. The quarterly statistical bulletin issued by the Research and Statistics Department of the Central Bank of Oman (CBO) indicated that the personal loans sector received RO 46.9 billion.
The services sector received RO 2.65 billion or 8.5 per cent of the credit granted, followed by the construction sector at RO 1.88 billion or 7.8 per cent, and the industry sector at RO 1.88 billion or 7.7 per cent of the total bank credit. The CBO bulletin further indicated that the electricity, transportation, and water sector received RO 669.9 billion, or 6.9 per cent of the volume of credit granted to commercial banks during the first three months of 2023. The transportation and transportation sector received RO 497.2 billion, or 6.2 per cent of the total volume of credit. [Courtesy: U-Capital]
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