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Oman's AMAN REIF to launch IPO on Thursday

Oman's AMAN REIF to launch IPO on Thursday
50% of AMAN REIF will be offered in a private offer

Mubasher: Omani fund under formation AMAN REIF has announced that its initial public offering (IPO) is set to be launched on Thursday, 2 January 2020 and last for 15 days until 16 January. The announcement took place during a press conference held on Tuesday, 31 December 2019.

AMAN REIF’s capital stands at OMR 20 million ($51.95 million), Abdul Samad Al Maskari, CEO of Thara Global Business, the financial advisor and investment manager of the fund, said, according to a statement.

Al Maskari added that 50% of AMAN REIF will be offered in a private offer while the other 50% will be offered via a public offer of OMR 10 million.

The fund will include 200 million property units, 50 % of these units are offered to Oman’s real estate company Sandan, the top official revealed.

“On completion of the IPO, the public ownership will stand at 100 million units with a value of 100 Omani baizas per unit to represent 50% of the fund’s total issued capital. The units will be offered to investors in the IPO at an offer price of 102 baizas per Unit,” Al Maskari stated. The private offer price is 100 baizas per unit, he noted.

The IPO will be open to Omani and non-Omani individuals and juristic persons, Al-Maskari said, adding that investors will be divided into two categories, the first includes Omani and non-Omani individuals who apply for a minimum of 1,000 units and in multiples of 100 units thereafter up to a maximum of 10 million units.

Al-Maskari maintained that the second category will include Omani and non-Omani individuals and juristic persons who apply for a minimum of 10.0001 million units and in multiples of 100 units thereafter up to a maximum of 20 million units.

The fund will distribute at least 90% of annual net profit as dividends to the unitholders with an annual yield of 7%, Al-Maskari revealed. The dividends will be paid out to unitholders semi-annually, the top official noted.