MUSCAT: The initial public offering (IPO) of Abraj Energy Services (under transformation), a subsidiary of OQ, the global integrated energy group, opens on Monday. The offering allocated for the first category runs from February 20 until March 2, whereas the subscription in the second category runs from February 20 until March 1.
The shares of Abraj Energy Services are put for sale in an IPO as part of the divestment plan announced by Oman Investment Authority (OIA) to exit some government investments to provide investment opportunities for Omani and foreign investments to achieve the objectives of Oman Vision 2040. This step aims to promote the private sector’s participation in various economic sectors at the national level. The IPO will also enhance economic diversification policies and attract investors from Oman and abroad.
By virtue of the IPO, 49 per cent of the issued capital of Abraj Energy Services (i.e., 377,398,000 shares of the company) will be put for sale. The selling shareholders will maintain their right to adjust the IPO size at any time before the end of the subscription period.
The company put 49 per cent of its shares for sale in an IPO after obtaining the necessary regulatory approvals from the Capital Market Authority (CMA) in the Sultanate of Oman. DETAILS ON P13
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