Muscat: Muscat Stock Exchange (MSX) marked on Monday a significant milestone with the listing of OQ Exploration and Production Company (OQEP), following a public subscription of 25 percent of the company’s capital.
The listing positions OQ Exploration and Production as the largest company on the exchange and the first from the exploration and production sector, with a market value exceeding RO3 billion .
This development aligns with MSX’s mission to diversify its portfolio with companies representing core sectors of Oman’s economy.
The ceremony, inaugurated by ringing the trading start bell, was held under the patronage of Sultan bin SalIm al Habsi, Minister of Finance.
Ashraf bin Hamad al Maamari, CEO of OQ Group, highlighted the significance of the listing, describing it as a transformative event as OQ Exploration and Production turns from a closed joint-stock company to a public joint-stock company.
This marks OQ Group's third public listing, following Abraj Energy Services and OQ Gas Networks, and supports the Oman Investment Authority’s strategy to divest certain government assets to enhance economic diversification.
“This move broadens OQ’s investment scope both locally and internationally, marking a qualitative shift in the company’s exploration and production initiatives.” al Maamari noted.
Eng Ahmed bin Said al-Izkawi, CEO of of OQEP, said the listing marks a pivotal step for the company, which has been a government investment arm in oil and gas since 2009, and affirmed OQ’s commitment to upholding governance and transparency standards required by the Financial Services Authority and MSX.
Mustafa bin Ahmed Salman, Chairman and CEO of United Securities Company, said the listing not only elevates MSX’s market value to unprecedented levels, but also moves the exchange closer to a potential listing within emerging markets.
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