(MENAFN) According to a high-ranked official, Oman Telecommunications Company (Omantel) is set to float USD129.4 million Islamic bonds by early 2016.
Additionally, the proceeds of the Islamic bond will be basically used for constructing the telecommunication company's new headquarters.
Meanwhile, the firm is in the process of dealing with the Capital Market Authority and working on the prospectus, as clarified by the authority's executive president.
"There has been good progress since the management obtained the approval of Omantel extraordinary general meeting to issue sukuk," said Omantel's CEO.
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