Taageer Finance plans OMR5m-bond issue

Muscat: Taageer Finance Company plans to issue non-convertible bonds worth OMR5 million, with a green-shoe option of OMR2.5 million additional bonds.

The issue will be by way of private placement, Taageer Finance said in a disclosure statement posted on Muscat Securities Market (MSM) website. The shareholders have approved the proposal to issue bonds at an extraordinary general meeting on Monday. The shareholders have also approved a proposal to authorize the board to take all necessary steps for the bond issue.

Taageer Finance in October announced its financial results for the first nine months of 2017. The company’s net leasing portfolio has grown by 1.45 per cent from OMR148.94 million in September 2016 to OMR151.11 million for the same period of this year. The net profit for the first nine months ending September 2017 was OMR3.17 million as against OMR3.11 million for the same period of 2016.