Times of Oman | Three Omani firms plan to float sukuks next year

Abdullah Al Salmi Pic: AR Rajkumar/Times of Oman

At least three Omani companies, including Tilal Development Company (TDC), are planning to float Islamic debt instruments or sukuks next year. "We have given initial approvals for Tilal Development Company and an institution to float sukuks," said Abdullah bin Salem bin Abdullah Al Salmi, Executive President of the Capital Market Authority (CMA).

He was talking to the media on the sidelines of an interactive session organised by the CMA. TDC earlier said that it is planning to float a RO50 million issue, which is seen by the end of January next year. Al Madina Financial and Investment Services is the lead arrangers of sukuk issue for TDC, which will use the proceeds of the issue for funding the expansion of its complex at Bausher.

Al Madina Financial and Investment Services Chief Investment Officer Khalid Ali Saif Al Yahmadi told Times of Oman on Monday that a semi-government entity is also considering the possibility of issuing sukuk to fund a green field manufacturing unit, which is coming up either in Sohar or Duqm.

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