MUSCAT: Abraj Energy Services’ imminent debut on the Muscat Stock Exchange (MSX), through its Initial Public Offering (IPO) currently under public subscription, heralds the entry of Oman’s core oilfield and energy sector into the local stock market, according to Haitham al Salmi (pictured), CEO – MSX.
In remarks to journalists, Al Salmi highlighted the significance of Abraj Energy’s IPO to the Omani bourse’s vision to attract new players to list on the MSX as well as broaden its presence across all sectors, notably the Oil & Gas industry.
Abraj’s eventual listing on the MSX will encourage other energy-sector company to consider going public as well, he noted. In the coming period, due consideration will be given to the possibility of adding Abraj to the Index, more so because the drilling company will rank among the 20 largest firms listed on the MSX, he stated.
Al Salmi also applauded the decision of the IPO organisers to earmark an attractive portion of the IPO to small retail investors, as opposed to the large investor segment. The inclusion of a 10 per cent discount to individual investor is a further incentive to small investors. Shareholders will be eligible to dividend payments when the annual general meeting is held in March after the listing of the scrip on the stock market.
Abraj Energy, Al Salmi pointed out, is the first of a number of subsidiaries that form part of Oman Investment Authority that are lined up to go public via an IPO on the MSX.
Significantly, a market maker and liquidity provider will be added to new company identified for public listing on the Muscat Stock Exchange this year, in addition to other investment tools.
The step will enhance the attractiveness of the Muscat Stock Exchange and help put it on the global investment map, he added.
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