MUSCAT: OQ Gas Networks S.A.O.G. (under transformation) ('OQGN' or the 'Company') today announces its intention to proceed with an initial public offering (the 'IPO' or the 'Offering') and listing on the Muscat Stock Exchange (MSX), which is expected to take place in October 2023, subject to receiving the required regulatory approvals from the Capital Market Authority of the Sultanate of Oman (the CMA). The Company’s planned listing will allow investors to gain exposure to the exclusive operator and owner of the natural gas transportation network (GNTN) in Oman.
• OQ S.A.O.C, (OQ) directly and indirectly through Oman Energy Trading Company Limited (OETCL) and Oman Oil Services Limited (OOSL together with OQ and OETCL, the 'Selling Shareholders') intends to offer up to 49% of OQ Gas Networks S.A.O.G. (under transformation) share capital
• The listing on the Muscat Stock Exchange will provide investors with access to the growth of the Company, which holds a natural monopoly over essential gas transportation in Oman as the exclusive operator and owner of the Company’s natural gas transportation network in Oman.
• The subscription period is expected to commence in September, after receiving the required approval from the Capital Market Authority of the Sultanate of Oman.
KEY DETAILS OF THE OFFERING
• The Selling Shareholders expect to sell up to 49% of the total issued share capital of OQGN, with the Company and the Selling Shareholders retaining the right to amend the size of the Offering at any time before the end of the subscription period at their sole discretion, subject to applicable laws and the approval of the CMA. Immediately following the Offering, a minimum of 51.0% shareholding will continue to be held by OQ.
• The Offering is being offered to eligible investors in Oman and qualified institutional and other investors in a number of countries (the 'Category I Investors') and retail investors in Oman ('Category II Investors'). Further information on the eligibility requirements for participation in the Offering will be available in the Offering Document upon its publication.
• The Subscription period for Category I and Category II investors is expected to commence in September, after receiving the required approval from the CMA.
• Shariyah Review Bureau (SRB) has issued a pronouncement confirming that, in its view, based on the circumstances as at the date of this pronouncement, the Offering is Sharia compliant in accordance with pertinent Sharia principles of the AAOIFI Sharia standards as of the date of this statement.
• Admission of the Shares to trading on the MSX is expected in October 2023 ('Admission').
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