Oman ORIX Leasing Company raises USD 25 million bilateral term facilities from regional banks
All GCC locations, 3rd January, 2017
Oman ORIX Leasing Company SAOG (“Oman ORIX”), one of the leading Non-Banking Finance Companies (“NBFC”) in Oman, has successfully raised USD 25 million bilateral term facilities from regional banks.
The term facilities were provided by BBK BSC (“BBK”) and the National Bank of Ras Al Khaimah (“RAKBANK”) and will be utilized by Oman ORIX to fund its leasing finance business. Alpen Capital LLC, Oman acted as the sole financial advisor to the transaction.
The signing ceremony with BBK took place on 18th October, 2016 at the head office of Oman ORIX in Muscat and attended by Prasenjit Mandal, Department Head – Institutional Banking, Shahin Mohammed Ahmed Al Balushi , Chief Executive Officer, Oman ORIX Leasing Company SAOG, Oman along with other senior executives from both organisations and Alpen Capital.
The signing ceremony with RAKBANK was held at the Capital Club in DIFC on 27th December 2016 and was attended by Sunil Pherwani, General Manager, Oman ORIX Leasing Company SAOG, Peter England, Chief Executive Officer, RAKBANK, Rohit Walia, Executive Chairman, Alpen Capital along with other senior representatives from Oman ORIX, RAKBANK and Alpen Capital.
“We would like to use this opportunity to extend our gratitude to all parties involved in making this transaction a success and supporting us in our growth objectives. We have made it a priority to diversify our funding sources and I am glad that we were able to establish new banking relationships in the region through this transaction”, says Shahin Mohammed Ahmed Al Balushi , Chief Executive Officer, Oman ORIX Leasing Company SAOG, Oman
We are proud to be associated with this transaction and happy to support Oman ORIX with its growth strategy. Their strong track record and reputation have played an important role in helping us execute this transaction seamlessly and place it successfully with regional banks”, says Siraj Bhavnagarwalla, Managing Director, Alpen Capital LLC, Oman
“We are pleased to fund Oman ORIX for their Leasing Finance business. With a focus on Financial Institutions business, this medium term financing will help us progress into Non-Banking Financial Institutions within the GCC region and will assist in diversifying our asset book.” says Peter England, CEO of RAKBANK
About Oman ORIX Leasing Company SAOG
Oman ORIX Leasing Company SAOG was incorporated in 1994 as a joint venture between reputed local and foreign financial institutions including International Finance Corporation, a member of the World Bank group. OOLC is listed on the Muscat Securities Market (“MSM”) with a market capitalization of USD 81.5 million. Operating under the license and supervision of the Central Bank of Oman (“CBO”), the principal activity of the Company is leasing of motor vehicles, equipment and plants and machinery. The Company derives all of its income from leasing, factoring and working capital operations within the Sultanate of Oman. The Company's head office is situated in Muscat with branch offices in the cities of Sohar, Salalah, Nizwa, Ibra, Barka, Seeb, Al Kamil and Buraimi. The Company has a market share of ~18% within Oman’s NBFC sector as of Sep 30, 2016.