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International law firm Trowers & Hamlins advised Oman International Development & Investment Company SAOG (Ominvest) on the redemption of its OMR60,638,000 perpetual subordinated bonds through its call option.

The bonds, which are currently listed on the Muscat Stock Exchange (MSX) with a fixed annual interest rate of 7.75%, will be redeemed on 6 June 2023 and subsequently delisted from the MSX. Ominvest has cited strong financial performance as a key driver in exercising its call option. It reported strong unaudited results for the first quarter of the year, which included a 104.9% increase in group revenues to reach OMR 116 million, compared to OMR 56.6 million in the same period of the previous year.

Mr. Abdulaziz Mohammed Al Balushi, the GCEO of Ominvest, commented

“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%."

The Trowers team advised on all matters in relation to the redemption exercise, including the processes, timeline and documentation involved. We also assisted Ominvest in its correspondences with the MSX, the bondholders and the Muscat Clearing & Depository SAOC, including addressing any queries received from various stakeholders.

Salman Ahmed, Partner and Head of the International Banking & Finance practice in Trowers & Hamlins, Oman commented:

"Congratulations to the Ominvest team on the successful close of this matter. We are privileged and delighted to be able act for Ominvest once again, and we look forward to supporting the Ominvest team in the near future as it strives to expand its business portfolio geographically and sector-wise in the coming period."

This transaction was led by Salman Ahmed and supported by Jonathan Grosvenor (Senior Associate), Phoebe Lim (Associate), AlShaima Al Hinai and Elisha Wilson (both Trainee Solicitors).