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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Abraj Energy to offer 49% of shares to public

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Muscat: A subsidiary of OQ, Abraj Energy, on Sunday announced its plans to float shares on the Muscat Stock Exchange.


Abraaj Energy will offer 49% of the total capital for subscription on the Muscat Stock Exchange, which is expected to take place in February after obtaining the required approvals from the Capital Market Authority (CMA).


The offering of shares does not represent the issuance of new shares, but rather a liquidation of the shares currently owned by the selling shareholders, and the minimum 51% will remain indirectly owned by OQ.


The company proposes to pay dividends of 85 percent of the profits for the fiscal year ending on December 31, 2022, and the subscription will be in two phases, the first for institutions (85 percent), and the second for individuals (15%).


It is possible to increase the percentage of the offering size allocated for the second phase in the event of excessive demand from individual investors.


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