Muscat: Oman Oil Company Exploration & Production (OQEP) conducted an IPO roadshow in Wilayat of Ibri in collaboration with the Oman Chamber of Commerce and Industry (OCCI) in Al Dhahirah Governorate, as part of the outreach across all governorates.
The event was attended by numerous businessmen and citizens.
Eng. Ahmed bin Said al Azkawi, CEO of OQEP, highlighted how this IPO contributes to diversifying and broadening the shareholder base. This opportunity enables investors to participate in a leading company specializing in oil and gas exploration and production in Oman.
Saif bin Said al Badi, chairman of the Board of Directors of the OCCI in Al Dhahirah Governorate, underscored that offering 25 percent of OQEP shares for the IPO mirrors the government's commitment to empowering the private sector for economic advancement.
Al Badi expressed the Chamber's endorsement of initiatives stimulating both national and foreign investments, fostering growth opportunities for the Muscat Stock Exchange and bolstering the national economy. Al-Badi noted that the inclusion of energy companies enhances the appeal of the stock exchange for investors.
Mahmoud bin Abdullah al Hashimi, chief operating officer of OQEP, provided insights into the company's capabilities, capacities, and strategic partnerships with investment collaborators. Al Hashimi highlighted OQEP's role as the government's investment arm in the oil and gas exploration and production sector, dedicated to maximizing Oman's natural resources and leveraging its valuable assets and global expertise.
He said that OQEP, on behalf of the government, manages a partnership with thirteen international firms investing in oil concession areas, a testament to its exceptional capabilities and the trust it has garnered.
Jaber bin Rashid Al Naamani, chief financial officer at OQEP, detailed the IPO structure and anticipated benefits, particularly for citizens. He highlighted the 10% discount aimed at encouraging citizens to invest their savings in profitable instruments, especially considering that 40% of the IPO is earmarked for individuals, a notable increase compared to previous offerings.
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