Muscat – Taageer Finance Company opened the subscription for its inaugural Tier 1 perpetual bond issuance on September 16 for a period of two weeks.

The issue size is up to RO15mn, with a greenshoe option to increase the size to up to RO25mn, at an attractive coupon rate of 7.50%. The perpetual bonds will be denominated in Omani rial and listed on the Muscat Stock Exchange in compliance with applicable laws and regulations in Oman.

The perpetual bonds are being offered via private placement to prospective investors, with a minimum investment amount of RO100,000, through a book-building process.

Bank Muscat’s Investment Banking is the sole issue manager for the transaction. The subscription closes on September 26, 2024, with a tentative bond issuance date of October 2, 2024.

The proposed issuance is expected to further strengthen Taageer Finance’s balance sheet and support the company’s growth plans moving forward.

Taageer Finance, with a proven track record of more than 20 years, is one of the largest and fastest-growing finance and leasing companies in Oman. Backed by strong Omani shareholders and a highly experienced management team, the company has delivered sustainable business and financial performance across market cycles.

The company serves diverse economic sectors through its wide range of innovative product offerings. Over the years, Taageer Finance has successfully diversified its funding sources, including bank borrowings, corporate deposits, and bonds.