OQEP continues IPO roadshows in South Al Batinah Governorate
Published: 03:10 PM,Oct 05,2024 | EDITED : 07:10 PM,Oct 05,2024
OQEP IPO is one of the most significant offerings in Oman and the Gulf this year, aiming to broaden the ownership base in government assets.
RUSTAQ: OQEP conducted an IPO roadshow in South Al Batinah Governorate in collaboration with the Oman Chamber of Commerce and Industry (OCCI), Al Batinah South branch, as part of the outreach across all governorates of the Sultanate of Oman.
Eng Ahmed bin Said al Azkawi, CEO of OQEP, delivered a presentation emphasising the role of IPOs in advancing economic diversification policies within Oman, along with attracting both national and foreign investments to support Oman Vision 2040 objectives.
Al Azkawi emphasizes that the OQEP IPO is one of the most significant offerings in Oman and the Gulf this year, aiming to broaden the ownership base in government assets.
Al Azkawi notes that particular attention is given to the individual segment, increasing its share to 40% of the total offering, a notable rise compared to previous offerings, complemented by a 10% reduction in the share value.
Eng Mahmoud bin Abdullah al Hashimi, the Chief Operating Officer, elucidates on the company's contributions to bolstering the national economy through investments in petroleum exploration and production. Notably, production has surged from 18K barrels of oil equivalent per day to 250K barrels in 2024. Al Hashmi also emphasizes the operational excellence achieved in the Block 60 concession area, where production escalated from 5K barrels in 2019 to 62K barrels of oil equivalent per day.
Jaber bin Rashid al Naamani, the Chief Financial Officer at OQEP, has stressed the company's robust profits and highest investment returns, reaching an impressive 32% in recent years. Plans are underway to distribute profits totaling OMR 230M over the next two years. Al Naamani emphasises that the exceptional profit distribution for Q3 and Q4 2024 reflects the company's strong cash flows and its role in incentivizing individual and institutional investors.
Furthermore, OQEP has successfully covered the IPO for the first category (institutions) at a price of 390 baisas per share, which is the maximum price range. This represents 40% of the shares available for the IPO.
This coverage underscores the value that OQEP shares offer to institutions within and outside the Sultanate of Oman.
Eng Ahmed bin Said al Azkawi, CEO of OQEP, delivered a presentation emphasising the role of IPOs in advancing economic diversification policies within Oman, along with attracting both national and foreign investments to support Oman Vision 2040 objectives.
Al Azkawi emphasizes that the OQEP IPO is one of the most significant offerings in Oman and the Gulf this year, aiming to broaden the ownership base in government assets.
Al Azkawi notes that particular attention is given to the individual segment, increasing its share to 40% of the total offering, a notable rise compared to previous offerings, complemented by a 10% reduction in the share value.
Eng Mahmoud bin Abdullah al Hashimi, the Chief Operating Officer, elucidates on the company's contributions to bolstering the national economy through investments in petroleum exploration and production. Notably, production has surged from 18K barrels of oil equivalent per day to 250K barrels in 2024. Al Hashmi also emphasizes the operational excellence achieved in the Block 60 concession area, where production escalated from 5K barrels in 2019 to 62K barrels of oil equivalent per day.
Jaber bin Rashid al Naamani, the Chief Financial Officer at OQEP, has stressed the company's robust profits and highest investment returns, reaching an impressive 32% in recent years. Plans are underway to distribute profits totaling OMR 230M over the next two years. Al Naamani emphasises that the exceptional profit distribution for Q3 and Q4 2024 reflects the company's strong cash flows and its role in incentivizing individual and institutional investors.
Furthermore, OQEP has successfully covered the IPO for the first category (institutions) at a price of 390 baisas per share, which is the maximum price range. This represents 40% of the shares available for the IPO.
This coverage underscores the value that OQEP shares offer to institutions within and outside the Sultanate of Oman.