MUSCAT: OQ Basic Industries is set to open its initial public offering (IPO) today, Sunday, marking a significant milestone in its transformation journey. The subscription window will run for five days for individual investors and eight days for institutions.
This IPO involves approximately 1.7 billion shares, representing 49% of the company’s capital. Valued at over RO 180 million, the public subscription complies with Islamic Sharia principles. It is the fourth company from the OQ Group to be converted into a public joint-stock entity and listed on the Muscat Stock Exchange.
The IPO aligns with Oman Vision 2040 objectives, which emphasise privatisation, economic diversification, and increased private sector participation. The move aims to boost the capital market, enhance liquidity on the Muscat Stock Exchange, and attract local and international investors.
Engineer Ali bin Mohammed al Lawati, Chief Human Resources and Technology Officer at OQ Group and Chairman of OQ Basic Industries, stated that the IPO reflects efforts to stimulate Oman’s economic policies and promote the Muscat Stock Exchange as an emerging market. He highlighted the company’s role in bolstering Omani exports and supplying essential raw materials for global industries, emphasizing that its public listing will accelerate growth in line with OQ Group’s vision for the energy sector.
Khalid bin Khalfan al Asmi, CEO of OQ Basic Industries, emphasized the company’s solid foundations and successful track record, noting that the IPO offers an attractive investment opportunity. The company has planned six awareness sessions across Oman in collaboration with the Oman Chamber of Commerce and Industry to familiarize potential investors with the process.
Ahmed bin Suleiman al Kindi, International Cooperation Expert at Muscat Clearing Company, highlighted the role of these introductory campaigns in educating investors about the procedures for registering and participating in the Muscat Stock Exchange.
The awareness sessions will kick off tomorrow in South Al Batinah at the Rustaq branch of the Oman Chamber of Commerce and Industry. Subsequent sessions will take place in Ibra, Muscat, Nizwa, Suar, and Salalah over the coming days.
OQ Basic Industries is a significant player in Oman’s energy and industrial landscape, and its IPO is expected to enhance its operational capacity while contributing to the country’s economic development. The offering represents a critical opportunity for investors to participate in the company’s future growth while supporting Oman’s broader economic objectives. — ONA
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