Muscat: The Capital Market Authority (CMA) has approved the extension of the deadline for public subscription to Aman Real Estate Investment Fund (under foundation), listed on Muscat
Securities Market, till February 2, 2020.
The IPO of Aman Real Estate Investment Fund had initially been floated from January 2 to January 16. The Fund has 100 million units open for public subscription, each valued at 100 baisas. These units constitute 50 per cent of the Fund’s total capital and they are offered to investors at a rate of 102 baisas, with each unit valued at 100 baisas, plus 2 baisas as issuance fees.
The private offering comprises 100 million units, offered at a rate of 100 baisas a unit, constituting the other 50 per cent of the total capital of the Fund. The private units are offered to Sandan Company as part of a proposal to sell properties to the Fund at a rate of 100 baisas a unit.
Subscription was floated for Omanis and non-Omanis, as well as legal entities. It falls in two categories, the first of which includes Omani and non-Omani individuals who apply for subscription at a rate of 1000 offered units as a minimum take, and then multiples of 100 units to a maximum of 10 million units.
The second category includes Omanis and non-Omanis, as well as legal entities that apply to 10 million units of 100 baisas each as a minimum take, and then multiples of 100 offered units to a maximum of 20 million units.
Investment in the Fund seeks to provide recurring income through commercial revenue and capital growth based on the back growth of the industrial sector in the Sultanate. While subscription to the Fund aims to provide an excellent opportunity to invest in assets of an advanced light real estate industry in a manner that provides recurring income through the rental income and the growth of capital based on the back growth of the Omani industrial sector. –ONA