The Capital Market Authority conducted a panel discussion on regulations governing public offerings ahead of the season of IPOs anticipated in the Sultanate of Oman. Participated in the forum were representatives of Oman Investment Authority, Muscat Stock Exchange (MSX), Muscat Clearing and Depository, OQ, Omani Securities Association and other related entities.
Ahmed bin Ali al Maamari, CMA’s Executive Vice President, initiated the panel discussion’s agenda with an opening speech saying that this panel is based on the community partnership adopted by the CMA when reviewing and assessing the legislative and regulatory frameworks of the financial services market in the Sultanate of Oman.
He also pointed out that this meeting aims at reviewing and assessing the procedures for conversion into public companies and streamlining such procedures in order to achieve the aspirations of companies and MSX traders, as a preparation for the upcoming IPO and with participation of institutions directly related to the upcoming IPO. Such participation will assist in achieving convergence of views that ensure the success of the upcoming IPO as well as enhancing the MSX performance.
Al Maamari also stressed that new IPOs always contribute to providing new investment opportunities for local and international investors and clears the way for new investors to join the market. This eventually boosts the ratios of free shares in the market and increases trading activity. The discussion will focus on several topics like assessing listing requirements, pricing mechanisms, allocation policies and other topics related to technical and legislative aspects.
He said that the government has adopted a national policy aiming at privatizing part ownership in state-owned enterprises to accomplish financial and economic objectives that serve the public interest. The Oman Investment Authority supervises the implementation of such policy after it announced its intention to exit 35 owned companies and its affiliates within five years.
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