OQEP's two billion shares open for public tomorrow

Muscat - The subscription (IPO) for the two billion shares offered by OQ Exploration and Production (OQEP) Company will start on Monday and continue until October 9 for individuals and October 10 for institutions inside and outside the Sultanate of Oman.

This is the largest subscription in the history of the Sultanate of Oman and the first subscription in the exploration and production sector after the success of two previous subscriptions for Abraj Energy Services Company and OQ Gas Networks.

The offered shares represent 25 percent of OQ Exploration and Production shares divided into three main categories.

The first is the institutional category with 800 million shares, equivalent to 40 percent of the shares offered for subscription, at a price between 370 and 390 baisas per share.

The second category is the individuals category, with 800 million shares allocated, equivalent to 40 percent of the shares offered.

This category was divided equally into two tranches, represented by the large individual investor category and the small individual investors category, with 400 million shares allocated to each.

The subscription of small individual investors will allow subscription from a minimum of 500 shares to a maximum of 28,500 shares, while the second category of large individual investors will subscribe from a minimum of 28,500 shares without specifying a maximum subscription limit.

The third category, the main investors category, has committed to subscribing to 400 million shares, or 20 percent of the shares offered for subscription.

The share price for Omani individuals will be 351 baisas, with a discount rate of 10 percent to encourage them to participate in this type of issue and enable them to exploit the available investment opportunities, while for non-Omanis it will be priced at 390 baisas.

Eng. Ahmed bin Saeed Al-Izkawi, CEO of OQEP, said that all preparations for the start of the subscription are proceeding as planned, so that the company can enter a new phase in its journey in the fields of exploration and production, to contribute to the economic development in the country and open broader horizons for more investment in the fields of exploration and production.