OAB, U Capital sign pact to launch liquidity provider service
Published: 04:05 PM,May 21,2024 | EDITED : 08:05 PM,May 21,2024
MUSCAT: Oman Arab Bank (OAB) signed a strategic partnership agreement with Ubhar Capital (U Capital), who has been appointed as a Liquidity Provider for OAB shares listed on the Muscat Stock Exchange (MSX).
Sulaiman al Harthi, Chief Executive Officer of OAB, and Abdulaziz Khalifa al Saadi, Chief Executive Officer of U Capital, signed the agreement. The agreement embodies the objectives of OAB in contributing to the development of the capital market and ensuring a liquid and efficient trading environment for its shares on the MSX.
Al Harthi said: “This agreement with Ubhar Capital, represents a new step in OAB’s efforts to support innovation in financial services, and comes within the framework of the bank’s strategic directions towards providing the highest value to investors and shareholders. With this agreement, the bank continues its commitment to sustainable growth and contributes to achieving the goals of Oman Vision 2040 by supporting efforts to revitalize the Muscat Stock Exchange and foster the investment culture.
He added: “After completing the merger of Oman Arab Bank and Alizz Islamic Bank in 2020, OAB emerged as leading financial institution publicly listed on the MSX with a market cap today of $0.6 billion. We had several successful local and international bond issuances, attracting local and foreign investors. All of these millstones contributed to the development of the capital and debt markets.
The partnership with U Capital underscores our commitment to ensure a seamless trading experience and liquid listing of OAB’s stock.”
Al Saadi, said: “We are pleased to have been appointed as the liquidity provider for OAB. Our expertise will contribute to stimulating trading and enhancing liquidity flows for OAB shares, which strengthens its position as a leading stock on the MSX.
We aspire that this strategic partnership will enable U Capital ( First Omani Private Company licensed by the Financial Services Authority to carry out Investment Banking Activities), to create value for OAB’s shareholders and to expand the capital market, which the Sultanate relies on to support diversification and attract investments”.
OAB's consolidated assets exceed RO 4 billion with a total equity of more than RO 0.5 billion. Its net profits after tax rose to RO 6.4 million by the end of the first quarter of 2024, an increase of 16 per cent compared to the same period in 2023.
Sulaiman al Harthi, Chief Executive Officer of OAB, and Abdulaziz Khalifa al Saadi, Chief Executive Officer of U Capital, signed the agreement. The agreement embodies the objectives of OAB in contributing to the development of the capital market and ensuring a liquid and efficient trading environment for its shares on the MSX.
Al Harthi said: “This agreement with Ubhar Capital, represents a new step in OAB’s efforts to support innovation in financial services, and comes within the framework of the bank’s strategic directions towards providing the highest value to investors and shareholders. With this agreement, the bank continues its commitment to sustainable growth and contributes to achieving the goals of Oman Vision 2040 by supporting efforts to revitalize the Muscat Stock Exchange and foster the investment culture.
He added: “After completing the merger of Oman Arab Bank and Alizz Islamic Bank in 2020, OAB emerged as leading financial institution publicly listed on the MSX with a market cap today of $0.6 billion. We had several successful local and international bond issuances, attracting local and foreign investors. All of these millstones contributed to the development of the capital and debt markets.
The partnership with U Capital underscores our commitment to ensure a seamless trading experience and liquid listing of OAB’s stock.”
Al Saadi, said: “We are pleased to have been appointed as the liquidity provider for OAB. Our expertise will contribute to stimulating trading and enhancing liquidity flows for OAB shares, which strengthens its position as a leading stock on the MSX.
We aspire that this strategic partnership will enable U Capital ( First Omani Private Company licensed by the Financial Services Authority to carry out Investment Banking Activities), to create value for OAB’s shareholders and to expand the capital market, which the Sultanate relies on to support diversification and attract investments”.
OAB's consolidated assets exceed RO 4 billion with a total equity of more than RO 0.5 billion. Its net profits after tax rose to RO 6.4 million by the end of the first quarter of 2024, an increase of 16 per cent compared to the same period in 2023.