Tuesday, August 09, 2022 | Muharram 10, 1444 H
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MSX closes higher, supported by earning optimism

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The MSX30 Index ended the week up by 1.88 per cent. All Sectors ended positively. The Financial Index ended the highest and was up by 2.02 per cent. Services Index was higher by 1.71 per cent while Industrial Index closed up by 0.04 per cent. The MSX Shariah Index closed down by 0.16 per cent.

Barka Desalination Company SAOG [BDC] (under transformation), owner of the Sultanate of Oman’s largest operating water desalination plant (Barka IWP), announced its intention to launch its Initial Public Offering (IPO). The company will offer 40 per cent of its share capital to the public through an IPO. Accordingly, BDC will offer 30.2mn shares to the public through listing on Muscat Stock Exchange. BDC plans to offer the shares in the IPO on the book-building basis in a price range of Bzs 115 to Bzs 145. As anchor investors in the IPO, National Power & Water Co LLC and Bank Muscat have committed to invest up to 10 per cent of the IPO at Bzs 145 per share i.e. the highest end of the IPO price range.

Sultan Salim Said al Habsi, Minister of Finance and Chairman of the Board of Directors of the Capital Market Authority issued Decision 171/2021 establishing the Supreme Sharia Supervisory Board (SSSB) in the Capital Market Authority and issued its Articles of Association pursuant to Article 5 of the Takaful Insurance Law promulgated by Royal Decree 11/2016. SSSB was established to enhance the legislative and regulatory processes for the companies operating in the Takaful insurance business based on best international practices. The SSSB will put in place the general policies regulating such types of companies and advise the CMA on the Sharia aspects related to Takaful insurance and contribute to developing the legislation related to the Sharia beside advice on the compatibility of the products, services and contracts of the Takaful insurance companies and deciding on issues of fiqh disputes among the members of Sharia supervisory committees in Takaful insurance companies.

A further chapter in the ongoing liberalisation of the power sector in the Sultanate of Oman shortly begins with the formal launch of the Electricity Spot Market – enabling licensed generators for the first time to offer their surplus capacity at the most competitive rate. Its imminent launch – the first in the Middle East – follows nearly six months of market trials by the Oman Power and Water Procurement Company (OPWP) which, in addition to its statutory role as the power procurer, is also the Market Operator of the new platform. As a first step in the roll-out of the Electricity Spot Market, OPWP as the Market Operator unveiled a dedicated website to enable generators to compete for the opportunity to offer their capacity in line with specific guidelines governing the operation of the Electricity Spot Market.

Oman telecom sector data for Year-To-Date until November 2021, reveals that fixed line subscribers are down 2.8 per cent while mobile subscribers are down 4.0 per cent. Within mobile, prepaid subscribers are down 9.1 per cent while postpaid subscribers are higher by 22.4 per cent. Active Mobile broadband subscribers are down 6.6 per cent. Penetration levels are lower at the end of November 2021 as compared to December 2020.

Value of traded property in the Sultanate of Oman went up by 17.5 per cent in 11M/2021 to RO 2,569m compared to RO 2,185m in 11M/2020. Traded value of mortgage contracts during the same period went up by 4.1 per cent to RO 1,354m compared to RO 1,301mn in same period last year. Traded value of sale contracts rose by 46.7 per cent to RO 1,198m compared to RO 816.6m in 11M/2020. Number of properties issued during 11M/2021 also rose by 30.9 per cent to 231,504 compared to 176,816 in 11M/2020. [Courtesy: U-Capital]

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