Oman International Development and Investment Company SAOG (OMINVEST) held an Extraordinary General Meeting last week [November 17], as per a circular issued to the Muscat Securities Exchange (MSX).

The meeting reportedly passed a resolution on the approval of a proposed issuance of RO52mn (RO52,000,000) worth of subordinated perpetual Mudaraba trust certificates (the Proposed Issuance) to Jabreen International Development Company SAOC (Jabreen Capital).

Jabreen Capital is a fully-owned subsidiary of the Company and is a related party, through ‘private placement’.

OMINVEST has also approved the reduction of their issued share capital from RO80,777,232.9 to RO66,836,542.6 by fully canceling the treasury shares that they will receive as part of the exchange transaction with Jabreen Capital after completing the Proposed Issuance.