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MSX 30 Index ends week higher

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MUSCAT: MSX30 Index ended the week up by 0.61%. The Financial Index ended the week higher by 0.51%. The industrial Index and service index ended the week up by 0.61% and 0.19% respectively. The MSX Shariah Index was down by 2.03% for the week.

During the week, Bank Muscat has Approved the increase of the authorized share capital of the Bank to RO 800,000,000 and amend the Article (5) of the Articles of Association of the Bank, accordingly. Approved the issuance (by way of dividend) of 375,319,853 subordinated, perpetual AT1 bonds to the Bank's shareholders list at the rate of 1 bond per 10 ordinary shares held by the shareholders on the meeting date and that is in accordance to the conditions. Approved the distribution of bonus shares at the rate of 1 bonus share for every 1 share held by the shareholders of the Bank on the meeting date, from the share premium reserves of the Bank for the financial year ended December 31, 2021. The approval of the distribution of bonus shares will result in an increase in the issued share capital of the Bank from 3,753,198,531 shares (aggregating to RO 375,319,853) to 7,506,397,062 shares (aggregating to RO 750,639,706).

Ooredoo Oman held its conference call as well, in which it discussed its financial performance for 9M22 and outlook for 2023, whereby the company expects growth in wholesale, fixed-line subscribers, as well as data centres, plan to implement 2022 OHI Initiatives, and build capabilities including regional growth and distribution Revamp.

Further to the announcement of October 12, 2022, Omantel informed shareholders that its subsidiary Pearl REIF has successfully completed its Initial Public Offering (IPO). Through the IPO, Omantel has sold 136,752,563 units of Pearl REIF at the offering price of Bz 112 per share. Omantel will further hold the remaining 142,334,304 units of the Pearl REIF translating into a 33.51% ownership. Previously the company holds a 65.7% stake out of which a 33.51% stake is remaining after the 49% of units sold under Pearl REIF IPO. As stated earlier, the units sold which are valued at RO 15.0 million will increase the company’s cash balance by ~4% and will also lead to a gain of RO 1.2 million on the income statement side.

The total value of fish production in Oman increased by 2.2% to reach RO 226.46 million at the end of July 2022, compared to the corresponding period in 2021, according to the latest data issued by the National Centre for Statistics and Information (NCSI). The fish production by the end of July 2022, reached 400,115 tonnes, comprising a decline of 21.5% compared to the same period in 2021 when it stood at 510,020 tonnes. Artisanal fishing, which constitutes the largest share of Oman’s fish production, recorded a drop of 23.3% to reach 375,992 tonnes by the end of July 2022 compared to 489,945 tonnes during the same period in 2021.

[Courtesy: U-Capital]

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