Meethaq Islamic Banking increases sukuk offer to over RO45mn

May 26, 2019

Meethaq Islamic Banking, the Islamic window of Bank Muscat, announced that it has increased the original size of Meethaq Sukuk Series 2 offer from RO25mn to RO45.6mn.

‘Meethaq Islamic Banking has received the CMA’s approval to exercise a greenshoe option to increase the original offer size of Meethqa Sukuk Series 2 from RO25mn to RO45.6mn, which is the total amount of the subscription received’, Bank Muscat said in a disclosure to the Muscat Securities Market.

The bank said it has also received CMA’s approval for the allocation and listing of Meethaq Sukuk Series 2. All successful applicants will be receiving 100 per cent allocation of their sukuk in their investor accounts with Muscat Clearing and Depository Company.

Meethaq recently launched its second sukuk programme, which will become due in 2024, and is part of Meethaq’s programme of issuing RO100mn worth of sukuk overall.

Meethaq’s Sukuk Series 2 issue, which was launched with a greenshoe option in case of an oversubscription, has an indicative profit rate of 5.5 per cent per annum with a tenor of five years. The public offer was open to all Omani and non-Omani individuals as well as institutional investors from April 29 to May 15.

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