HAIMA: OQEP has recently conducted an IPO roadshow in the Wilayat of Haima, in collaboration with OCCI, Al Wusta Governorate. This event is part of a series of roadshows held across Oman. The event has been graced by the presence of Shaikh Ahmed bin Muslim Jadad al Kathiri, the Governor of Al Wusta, alongside several dignitaries and businessmen. This initiative is one of the concerted efforts by the company to familiarize stakeholders with the IPO process, which concludes on the ninth and tenth of October for individual institutional investors respectively both within and outside the Sultanate of Oman.
Dr Anwar bin Sulaiman bin Zaher al Kharousi, the Chief Commercial Officer at OQEP, has delivered a presentation emphasizing the significance of IPOs in advancing economic diversification strategies in Oman. Al Kharousi highlights the role of IPOs in attracting investments to fulfil the objectives of Oman Vision 2040, aimed at enhancing economic diversification policies. Al Kharousi underscores that the OQEP offering represents one of the largest IPOs in Oman and the Gulf region this year, aimed at broadening the ownership base in government assets.
Al Kharousi notes that the offering is tailored to accommodate individual investors by allocating 40% of the shares to this segment, along with a 10% reduction in share value for Omanis.
In addition, Ali bin Nabil al Makki, the Director General of Strategy, Planning, and Economics at OQEP, provides insights into the company's contributions to bolstering the national economy through investments in petroleum exploration and production. Al Makki highlights the remarkable growth in production, surging from 18K barrels of oil equivalent per day to 250K barrels of oil equivalent per day by the conclusion of 2023. Al Makki emphasizes that the company's ROI capital stands as the region's highest at an impressive 32%.
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 strong response underscores the value that OQEP shares hold for institutions within and beyond the Sultanate of Oman. The company has received firm commitments from major investors to subscribe up to RO 156M in the offering at the maximum price of 390 baisas per share, in accordance with the terms of their respective base investment agreements, allocated primarily to major institutional investors from Oman.
Eng Mohamed bin Hilal al Habsi, Vice President of Shared Assets at OQEP, has also delivered a presentation elucidating the company's assets across various concession areas for oil and gas production, highlighting the promising role of these assets in fostering the development and diversification of the company's revenue streams.
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