Oman’s largest telecom operator Oman Telecommunications (Omantel) said its debut sukuk issuance which opened for subscription on January 11, is likely to be closed on January 26. The sukuk, which will have a tenor of 5 years, is offered on private placement to Omani and international investors. The size of the offering is OMR50 million and is being offered in both Omani rials and United States dollars. The maturity will be in 2021. The minimum subscription amount for the Sukuk is OMR100,000/ USD260,000. The profit rate on the sukuk will be set through a uniform price auction and will be finalised upon closing of subscription period on January 26. The sukuk issue has been provisionally rated A3 (stable) by Moody’s. (Times of Oman)