Omantel shareholders approve $130m sukuk issue

Dubai: Oman Telecommunications (Omantel) said on Monday its shareholders had approved the issuance of Islamic bonds, or sukuk, worth 50 million riyals ($129.9 million; Dh476.7 million).

Omantel did not give any timing for the issue in the bourse filing, which followed the operator’s annual meeting on Sunday.

The former monopoly, which competes with Ooredoo Oman , said earlier this month it would seek shareholder approval for the offering, which would be only the second sukuk from a corporate in the sultanate.