MUSCAT: A new banking entity has been listed on the third market of the Muscat Stock Exchange (MSX) following an administrative decision issued on Thursday.
Oman Investment Bank SAOC, with a capital of RO 500,000, has been added to the third market with immediate effect. The move is expected to have a significant impact on the development of the capithal market in Oman.
Key promoters behind the new venture include Northern Crown Investments, Southern Crown Investment, and Afaq Investments, the Observer has learnt.
Abdullah bin Salem al Salmi, Executive President of the Capital Market Authority (CMA), emphasized the importance of this administrative decision, noting that it will foster the growth of the capital market. The Authority, he said, encourages the establishment of independent institutions engaged in investment banking activities, offering advisory services related to financing options, acquisitions, control, and other essential services.
The third market provides small and emerging companies with a favorable platform to publicly trade their shares, offering less stringent regulations and lower costs compared to the main stock exchanges. This development is expected to stimulate the growth of startups and small businesses in Oman.
Companies listed on the third market enjoy greater flexibility in terms of financial disclosure requirements, as well as the rules and regulations imposed on them. This advantage enables them to access additional financing options and seize greater opportunities for expansion and development.
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