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MSX rejigs listing of public joint stock companies

Badr bin Hamoud al Hinai
Badr bin Hamoud al Hinai

The Muscat Stock Exchange (MSX) has issued a decision to transfer the listing of a number of public joint-stock companies from the parallel market to the main market and vice versa, as well as from the monitoring market to the parallel market and vice versa, effective Sunday, May 7, 2023.

The decision stated the changes that occurred in the main market, where the listing of Oman Flour Mills, Oman Cables Industry, Oman Services and Financing Company, Ahli Bank, Taageer Finance, and Dhofar Power Company were transferred from the main market to the parallel market due to their failure to meet several listing standards in the main market.

The decision also transferred Oman and Emirates Holding Company, HSBC Oman, United Finance, Bank Dhofar, SMN Power Holding, and Takaful Oman Insurance from the parallel market to the main market for meeting all the conditions and standards required for listing in the main market.

Meanwhile, the Holding Company for Investment of the City was transferred from the monitoring market to the parallel market for meeting the shareholder rights criterion, and the National Aluminum Products and Fisheries of Oman was transferred from the parallel market to the monitoring market for violating the shareholder rights standard.

Badr bin Hamoud al Hinai (pictured), Senior Director of the Market Operations Department at the Muscat Stock Exchange, explained that the Muscat Stock Exchange prepares an annual study on the transfer of listed public joint-stock companies according to the standards set forth in Article 39 of the Executive Regulations of the Capital Market Law.

He pointed out that the results of the study help investors and interested parties clearly identify companies with good performance and excellent liquidity that are listed in the main market, while companies that have not met the basic standards for listing in the main market are listed in the parallel market, such as those with paid-up capital of less than RO 5 million and those that have not achieved net profits during the previous two years with a minimum of 5 per cent of paid-up capital. On the other hand, companies experiencing exceptional circumstances such as merger decisions, acquisitions, and capital erosion are transferred to the monitoring market, he added.

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