Oman car leasing firm raises $25m from regional banks

Oman ORIX Leasing Company, a motor vehicle leasing firm, has successfully raised $25 million bilateral term facilities from regional banks.

The term facilities were provided by BBK and the National Bank of Ras Al Khaimah and will be used by Oman ORIX to fund its leasing finance business.

Alpen Capital, Oman acted as the sole financial advisor to the transaction, a statement said.

Shahin Mohammed Ahmed Al Balushi, CEO, Oman ORIX Leasing Company, said: “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.”

Peter England, CEO of RAKBANK, added: “We are pleased to fund Oman ORIX for their leasing finance 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.”

Oman ORIX Leasing Company was incorporated in 1994 and is listed on the Muscat Securities Market with a market capitalisation of $81.5 million. Its principal activity is leasing of motor vehicles, equipment and plants and machinery.