- Advised United Finance Company SAOG, Taageer Finance Company SAOG and other issuers on their unsecured non-convertible subordinated bond issuances through private placement.
- Advised different clients in Oman for setting up of an open-ended investment fund (including Shariah Compliant funds) such as NBO Global Fixed Income Fund, NBO Money Market Fund, Bank Muscat Al Tharwa Fund, Bank Dhofar GCC Equity Fund, Jabal Furas Fund, etc.
- Advised Falcon Investment Authority (a subsidiary of Qatar Investment Authority), as Omani law counsel, in relation to its investment as an anchor investor in the three Initial Public Offerings (IPOs) undertaken in Oman viz IPO of OQ Base Industries (SFZ) SAOG, OQ Exploration and Production SAOG and Asyad Shipping Company SAOG.
- Advised issuers in relation to their initial public offering such as OQ Gas Network SAOG, Oman Reinsurance Company SAOG, Dhofar Generating Company SAOG, Al Ahlia Insurance Co. SAOG, Muscat City Desalination Company SAOG, National Life & General Insurance Company SAOG, Arabia Falcon Insurance Company SAOG, etc.
- Advised Bank Muscat SAOG in connection with its issue of subordinated perpetual bonds.
Profile Details
Armughan Ashfaq
About
Armughan is a Partner in AMJ’s Corporate/Commercial Department with over 16 years of experience advising clients on capital markets as well as general corporate and commercial transactions across Pakistan and Oman. He regularly advises on Omani corporate and commercial law and practice, with a particular emphasis on mergers and acquisitions and corporate restructuring.
Experience
Capital Markets
Corporate/ Commercial
- Assisted Oman Global Logistics Group Company SAOC in relation to the grant of a concession by the Government of the Sultanate of Oman to OGL for operation and management of the Port of Sultan Qaboos in Muscat.
- Advising on the establishment of a water desalination plant in Oman.
- Advising ICICI Prudential AMC Ltd on Security Law of Oman.
- Advised an Oman based company on the establishment of the application which facilitates the customer accessing a secure electronic payment system applications.
Merger & Acquisitions
- Advised Bank Dhofar SAOG’ on its acquisition of Bank of Baroda, Oman.
- Advised L’Oreal as Oman law counsel in relation to its investment in Amouage SAOC, the largest luxury perfume company established in Oman and owned at 95% by SABCO in Oman.
- Advised Rakiza and Al-Hosn Investment Company on acquisition of 65% of the issued share capital of Oman Broadband Company SAOC from Oman Information and Communication Technology Group.
- Advised Fajr Capital, a sovereign-owned private equity firm based in the UAE, as Oman law counsel on the purchase of a majority stake in Aster's GCC (including Oman) business.
- Advised General Dynamics as Omani law counsel in relation to divestment of its stake in an Oman entity.
Testimonials
Throughout his career, Armughan has been ranked as “Rising Star” by IFLR100
IFLR 1000 2025: “Armughan Ashfaq is accessible and responsible. He has good knowledge of the Omani capital market landscape.” (Capital Markets)
Expertise:
Capital Markets
Corporate and M&A
Additional Details:
Admissions
- Member Punjab Bar Council (2007)
- Member Honorable Society of Lincoln’s Inn (2007)
Education
- LLM, The City University, UK (2012)
- Lincoln’s Inn, UK (called to the Bar in 2007)
- University of London (LLB Hons) (2006)
Languages
- English
- Urdu
- Punjabi
Publications
- Chambers Global 2025 and 2026 – Overview article on Corporate & Finance
- Thomson Reuters -Country Update -Oman: Securities & Banking
- LexisNexis: contributed an Oman chapter to an Agency book.
- Chambers: contributed an Oman chapter in Chambers Global Practice Guide Alternative Funds 2019.