Mazoon Electricity Company S.A.O.C.


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MAZOON ASSETS COMPANY SAOC

MAZOON ASSETS COMPANY SAOC (the “Company”) is a closely held Omani joint stock company registered under the Commercial Companies Law of Oman.

The Company is established as a Special Purpose Vehicle (SPV) for the purpose of issue of Sukuk Certificates in the international market, solely for raising finance for the capital expenditure of its parent Mazoon Electricity Company SAOC. MAZOON ASSETS COMPANY SAOC is a 99.99% subsidiary of the Mazoon Electricity Company SAOC; a Company registered in the Sultanate of Oman and the balance shares of 0.01% is held equally by Nama Institute for Competency Development LLC and Nama Shared Services LLC which are wholly owned by EHC. The Company commenced its operations on 17 October 2017.


On November 1, 2017, Mazoon Assets Company S.A.O.C successfully priced its debut Reg S/144A US$500 million 10-year Sukuk offering. The Shari’a compliant Ijara Structure was adopted for issue of the Sukuk Certificates and the profit rate was set 5.20 percent.

The Certificates are listed on the Irish Stock Exchange and the issuance was managed by Mazoon Electricity Company SAOC and Nama Holding along with J.P. Morgan Securities plc, bank muscat SAOG, KFH Capital Investment Company KSCC, and First Abu Dhabi Bank PJSC acting as Joint Lead Managers and Noor Bank PJSC and Warba Bank (K.S.C.) acting as co- managers.

A comprehensive global roadshow was conducted in Asia, UAE, London, Boston and New York. With this marketing effort, Mazoon was able to build strong momentum and price the 10-year Sukuk offering via an intra-day execution process. “We attribute the success of the Sukuk certificate issue primarily to the prevailing Transparent, Robust and successful regulatory mechanism, support of the Government and consistent growth of the company,” said the Chief Executive officer Eng. Zahir Abdulla Al Abri.

The Chief Financial officer of the Nama Holding Mr. Hussain Al Balushi said “It was a remarkable success of Mazoon Electricity Company’s debut Sukuk issuance. Robust demand from international and Islamic investors prompted Mazoon to tighten pricing from price guidance to reach the profit rate of 5.20 percent.”