Speaking to Muscat Daily on the sidelines of the press conference on Wednesday, Eng Barham said, "We expect the sukuk to be cleared anytime soon."
When asked whether the sukuk issue will be used to finance the second phase expansion of MGM, he said it is only one of the available options, but not the primary option.
"All means of financing are available for our expansion plans. There are equity funds and bank financing available, and sukuk is just one of the options," he said.
He added, "The sukuk issue will be used mainly to repay all the existing financing facilities for the Tilal Complex."
Eng Barham said Al Madina Investment Co has been mandated as the issue manager for the sukuk issue and a special purpose vehicle (SPV), Modern Sukuk SAOC, has already been registered which will be holding the issue.
When asked about Tilal Development's plans to float an initial public offering (IPO), Eng Barham said, "We delayed plans for the Tilal Development Co initial public offering [IPO] due to the expansion plans of Tilal Complex. The IPO is still under consideration. We had initially planned to launch the IPO before the second-phase expansion but later decided to initiate expansion first. The IPO may come during or after the expansion."
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