MUSCAT: The MSX30 Index ended the week down by 0.20 per cent. All sub-indices ended lower. Services, Industrial and financial Index closed lower by 0.86 per cent, 0.63 per cent and 0.33 per cent, respectively. MSX Shariah Index closed lower by 0.66 per cent.
Dhofar Generating Company has advised the Capital Market Authority, the Muscat Stock Exchange and the investors’ community that its financing arrangements provide for a cash sweep obligation to take effect from or after July 31. (Cash Sweep Start Date).
The cash sweep mechanism requires that 95 per cent of the free cash flows, after accounting for the operating costs and debt service payments, shall be paid to the lenders towards prepayment of the balloon repayment. The Company has requested its lenders for an amendment to the loan agreement to extend the Cash Sweep Start Date from July 31 to October 28, 2021.
Lenders unanimously approved to extend the Cash Sweep Start Date to October 28, 2021 with the condition that no dividend shall be distributed to the shareholders until the Extended Cash Sweep Start Date (i.e. 28 October 2021) as well as, if the Backstop DSRA LC is arranged, the LC provider shall meet the required credit ratings as specified under the financing arrangements.
Expatriates who buy flats under Oman’s usufruct scheme will continue to own their properties, even after they leave the country, the Ministry of Housing and Urban Planning (MOHUP) has said.
“Non-Omani owners who buy real estate in multi-storey residential and commercial buildings can keep the property even when they return to their home countries on expiry of their work contracts at a company or an organisation in Oman,” said a ministry official.
The expatriates will also be able to rent the properties through a mediation office, a law firm, a realtor to manage, rent, or oversee their assets whether they are within or outside Oman. As of now, expatriates can buy properties in buildings in Ameerat, these include Al Amerat Al Hashiyah 1, Al Nahda City phases 2, 3, 4 and 5, Al Amerat Al Muhaj phases 1 and 2. In Boushar, expatriates can buy properties in the phases 1, 2 and 3, Misfah phase 2, Ghala Heights phases 1 and 2, Boushar Al Watiyah phase 2, and Al Khuwair phase 2.
The number of small and medium enterprises (SMEs) at the end of August 2021 totalled 56,687, representing an increase by 24 per cent compared to the same period of 2020. Among the governorates, Musandam topped the list with 44.9 per cent SMEs registered in June 2021, followed by Al Wusta with 37.5 per cent, Al Batinah South with 28.1 per cent, ash Sharqiyah South with 27.5 per cent, and the rest are from the other governorates.
The Governorate of Muscat had 19,187 SMEs registered at the end of August 2021, followed by North Al Batinah with 8,945, Al Dakhiliyah with 6,961, Dhofar with 4,737, South Al Batinah with 4,341 and North Al Sharqiyah with 3,751 SMEs registered. This was followed by South Al Sharqiyah with 3,392 SMEs, Al Dhahirah with 3,156 SMEs and Al Buraimi with 1,207 registered SMEs.
Globally market went higher after a key unit of China’s Evergrande said it would make a coming interest payment on its bond. In US, Fed announced that it could begin to reduce its bond purchases soon and raise interest rates as early as next year.
Oil witnessed a good rally and was closer to its YTD high of $77.16/bbl. Some of the international oil giants also announced that demand would be seen close to pre-pandemic level as early as 2022.
Regional markets performance remained mixed. Ongoing IPOs in Saudi Arabia and UAE witnessed a sizable interest. ADNOC drilling raised its IPO size as well on the back of sizable interest from the investors.
Locally the turnover and volumes remained low in the market owing to absence of news/catalysts. However, things are expected to heat-up in coming weeks once result season kicks-in.
(Courtesy: U-Capital)
