Ominvest raises $260M in oversubscribed perpetual sukuk
What's the deal? Oman International Development and Investment Company (OminvestDealroom has a profile for this one. Try Dealroom →) has raised 100mn Omani rials (about $260 million) through a private placement of unsecured, perpetual, subordinated sukuk. The issue drew subscriptions twice the size of the offer, allowing Ominvest to exercise its full US$55M greenshoe on top of the US$220M base.
The details: The Sukuk Al Mudaraba Trust Certificates carry an initial annual profit rate of 6.50%, payable quarterly, and have no fixed maturity. More than 90 investors took part, including pension funds, government-related institutions, banks, asset managers and high-net-worth individuals. Alizz Islamic BankDealroom has a profile for this one. Try Dealroom → and Ubhar Capital acted as joint issue managers.
Why now? The raise comes ahead of the redemption of US$143M of sukuk Ominvest issued in 2021, due at its first call date on December 13, 2026. The company said the new issue will strengthen financial flexibility and expand its perpetual capital base.
What's the endgame? Ominvest, founded in 1983, runs a diversified portfolio spanning insurance, banking and finance, private equity, real estate, and technology. Group chief executive officer Abdul Aziz Mohammed Al Balushi said its board has approved participation as a strategic investor in the proposed merger of Alizz Islamic BankDealroom has a profile for this one. Try Dealroom → with Bank NizwaDealroom has a profile for this one. Try Dealroom →, subject to regulatory approvals.
In their words: "Perpetual capital gives the group flexibility across market cycles and continuity as we redeem our 2021 sukuk," said chairman Rashad Muhammad Al Zubair. Al Balushi said the 6.50% rate, secured "despite challenging global financing conditions," showed investor confidence in the company.
The signal: At roughly $260 million, Ominvest's issue is a sizeable addition to Oman's local-currency debt market, which topped US$13.5B by the end of 2025. The full greenshoe exercise — on an unsecured, subordinated, perpetual instrument — is the clearest read on investor appetite as Omani issuers continue to tap the market for permanent capital.
Read more: muscatdaily.com
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