(MENAFN- Muscat Daily) Muscat -
Local lender Ahlibank on Sunday announced that it has successfully concluded the issuance of RO20mn additional tier 1 perpetual bonds through private placements, and these bonds are listed on the Muscat Securities Market (MSM).
Perpetual bonds are different from normal bonds as they don't have a maturity date and would give interest yields for an indefinite period.
'The perpetual bond issue was successfully managed by Ahlibank's investment team and Said Al Shahry & Partners (SASLO) acted as the legal advisor for the issuance,' the bank said in a statement to the MSM.
Speaking on the issuance, Said Abdullah al Hatmi, CEO of Ahlibank said, 'We thank the investors for their trust and confidence and the regulators for their guidance. Issuance of this capital will help further strengthen the capital adequacy of the bank.'
In December last year, the bank in its filing to the MSM announced that it had received the approval from the Capital Market Authority (CMA) for the allotment of perpetual bonds worth RO54mn in single or multiple tranches.
Prior to the CMA approval, Ahlibank's shareholders in June 2018 had approved the issuance of additional tier 1 capital instruments in the form of perpetual bonds upto RO75mn, in single or multiple tranches and either by public or private placement, as determined by the board of directors after obtaining all required approvals.
The bank in a statement said that it has continued its growth trajectory during the first quarter that ended on March 31, 2019. During the first quarter its total assets grew by 13 per cent to RO 2.38bn and customer deposits increased by 10.5 per cent to reach RO 1.69bn.
Recently, Ahlibank has been ranked as the 'Best Bank in Oman' in the mid-size category at Oman Banking & Finance Awards 2019, held during the New Age Banking Summit. Furthermore, the bank also won the Quality of Disclosure Award from the Muscat Securities market this year, the bank said in a statement.
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