The trade index closed up 1. 0%, while the monetary index also closed up 0. 83%.
MUSCAT: The MSX 30 index closed the week up 0. 64% weekly (w-o-w), despite promoting pressure from non-Omani investors. Omani investors were net buyers of $4. 0 million worth of securities the week.
The trade index closed up 1. 0% w-o-w while the monetary index also closed up 0. 83% w-o-w. The index, however, closed at 0. 64% w-o-w. The MSX Shariah index gained 1. 04% w-o-w.
Oman Telecommunications Company has invited holders of its two series of bonds to a public offering of money: (1) $900 million, 6. 625% covered bonds due April 2028 and (2) $600 million, 5. 625% covered bonds due October 2023. The company said it would buy back the notes for an amount of money of up to $600 million only. It should be noted that: The 2023 and 2028 notes are issued through Oztel Holdings and are secured through Oman Telecommunications. Bidding began on the fourth of October and will close at 11:59 p. m. m. , New York City time, November 1, unless extended, reopened, and/or canceled. Kroll Issuer Services is the bidding agent and data for bidding purposes.
We believe this resolution is positive for Omantel. De fact, Omantel’s net debt at the end of 1H22 was $5. 44 billion, and the notes contributed 26% of the total net debt, while the maximum repayable amount of $600 million represents 11% of the company’s notable net debt. at the close of 1H22. This implies that the company’s net debt position will improve, as well as reduce its exposure to USD financing in an emerging interest rate environment.
In addition, the Company’s cash flow will be minimized as interest bills are minimized (monetary interest payments at 3. 9% on total debt in FY21, while the undeniable average interest on those notes is approximately 6. 1%). This will result in a greater ability to continue paying dividends. similar to those of recent years or even building them in the future.
Recently, Omantel also announced that the company and Helios Towers plc continue to work to meet the terms of the sale with subsequent lease transaction of Omantel’s tower business. Both sides agreed to extend the sale deadline from September 30, 2022 to November 11, 2022.
The sale of telecom towers in Oman and other geographical areas where Omantel operates through its telecommunications subsidiary Zain will result in the creation of one of the largest telecom tower corporations in the region. This initiative was first presented in 2021 with the sale of thousands of its telecommunications. towers in the Sultanate of Oman – has since been expanded to cover Zain-related infrastructure in Saudi Arabia, Jordan and Kuwait, and will be expanded to include Zain towers in Bahrain, Iraq and 6 in Sudan as well. unlock an estimated price of $1. 6 billion, which will be invested in Omantel’s long-term expansion plans.
The most recent data from NCSI Oman shows that Oman’s herbal fuel intake increased by 11% year-on-year in August 2022 compared to the same period last year. the corresponding era of 2021.
Vale in Oman, a joint venture of Brazil-based global mining giant Vale and OQ, says its mega iron ore pelletizing plant in Sohar port has so far invested around $1200 million in the local supply chain as part of its next country price commitment (LCI). This figure, according to a senior official, represents all the investments Vale has made in Oman to localize its supply chain since it began consistent operations in Suhar just over a decade ago in April 2011. Rio de Janeiro The mining-based mining and metallurgical conglomerate has invested about $1. 25 billion in a commercial complex that includes an iron ore pelletization plant with a capacity of nine million metric tons consistent with the year and a distribution center with a throughput capacity of 40 million metric tons.
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