Asyad Group raises RO50.8 million from institutional share sale

MUSCAT:  Asyad Group has priced its sale of Asyad Shipping Company shares to institutional investors at 195 baisas each, raising about RO 50.8 million, the publicly listed Omani shipping company said in a regulatory filing to the Muscat Stock Exchange (MSX) on Sunday.
Completing the sale will lift the company’s free float, the portion of its shares available for public trading, to 25 per cent of its issued share capital. That meets the minimum set by the Financial Services Authority (FSA), Asyad Shipping noted.
The offering comprises existing ordinary shares held by Asyad Group, the selling shareholder. Asyad Shipping did not receive any proceeds from the transaction, it said.
A retail tranche of up to 1.25 per cent of the company will follow at a fixed price of 195 baisas a share, the same level as the institutional tranche.
Subject to FSA approval, Asyad Shipping will publish an offering circular shortly with full details of the retail subscription, including the subscription period.
The company said the institutional tranche was well oversubscribed, reflecting strong demand from institutional investors in Oman and abroad.
Shares that Asyad Group retains after the offering will be subject to a lock-up of 180 calendar days, starting from the settlement date of the institutional tranche.
Oman Investment Bank and Sohar International Bank are the joint global coordinators and issue managers for the transaction.