MSX records best trading value in April
Published: 03:05 PM,May 06,2023 | EDITED : 07:05 PM,May 06,2023
MUSCAT: The Muscat Stock Exchange (MSX) recorded last April the best trading value during the current year with RO 122.4 million, benefiting from the increase in trading on a number of stocks and bonds, most notably Oman Cement, Abraaj Energy Services, Bank Muscat and Omantel.
The trading value increased last April by 30.7 per cent compared from its level in March 2023, which amounted to RO 93.6 million. However, the listing of Abraaj Energy Services Company in mid-March, the approval of dividends by public joint-stock companies, and the announcement by a number of companies of positive developments in their operations share in the high turnover in the months of March and April.
Oman Cement Company topped the most traded companies with RO 75.3 million, representing 61.5 per cent of the total trading value. In April, the sale of the Oman Investment Authority’s stake in Oman Cement Company amounting to 59.58 per cent of the company’s capital was executed to Huaxin Cement Company Limited, which is one of the top 10 manufacturers for cement in the world. The capital of Oman Cement Company is about RO 33.1 million and according to the disclosure issued by the company, the initial value of the deal is about $193.1 million. The agreement allows the buyer the right to adjust the purchase price after the completion of the implementation of the deal to take into account the levels of net cash and working capital. As on the acquisition date, the two parties will compensate each other for any differences between the initial consideration and the actual consideration.
The share of Oman Cement Company closed at the end of last April at 340 baisas, up by 40 baisas during the month. It had risen during trading to 376 baisas, but it was unable to maintain this level.
Abraaj Energy Services contributed to the increase in trading value last April, after it witnessed transactions worth RO 7.9 million, representing 6.5 per cent of the total trading value. Bank Muscat witnessed transaction worth RO 4.6 million, while Omantel witnessed transactions worth RO 3.7 million.
There were 11,000 total number of deals executed last month, which is higher than the deals executed in January with 9,342 deals and 6,045 deals in February. The minor subscribers of Abraaj Energy Services Company sold their shares after the company was listed on the Muscat Stock Exchange. — ONA
The trading value increased last April by 30.7 per cent compared from its level in March 2023, which amounted to RO 93.6 million. However, the listing of Abraaj Energy Services Company in mid-March, the approval of dividends by public joint-stock companies, and the announcement by a number of companies of positive developments in their operations share in the high turnover in the months of March and April.
Oman Cement Company topped the most traded companies with RO 75.3 million, representing 61.5 per cent of the total trading value. In April, the sale of the Oman Investment Authority’s stake in Oman Cement Company amounting to 59.58 per cent of the company’s capital was executed to Huaxin Cement Company Limited, which is one of the top 10 manufacturers for cement in the world. The capital of Oman Cement Company is about RO 33.1 million and according to the disclosure issued by the company, the initial value of the deal is about $193.1 million. The agreement allows the buyer the right to adjust the purchase price after the completion of the implementation of the deal to take into account the levels of net cash and working capital. As on the acquisition date, the two parties will compensate each other for any differences between the initial consideration and the actual consideration.
The share of Oman Cement Company closed at the end of last April at 340 baisas, up by 40 baisas during the month. It had risen during trading to 376 baisas, but it was unable to maintain this level.
Abraaj Energy Services contributed to the increase in trading value last April, after it witnessed transactions worth RO 7.9 million, representing 6.5 per cent of the total trading value. Bank Muscat witnessed transaction worth RO 4.6 million, while Omantel witnessed transactions worth RO 3.7 million.
There were 11,000 total number of deals executed last month, which is higher than the deals executed in January with 9,342 deals and 6,045 deals in February. The minor subscribers of Abraaj Energy Services Company sold their shares after the company was listed on the Muscat Stock Exchange. — ONA