MUSCAT: OQ Exploration and Production Co (OQEP), the upstream arm of OQ Group, has been officially listed on the Third Market of the Muscat Stock Exchange (MSX). This listing, initiated under Administrative Decision No (104/2024), signifies a pivotal step in its transition from a limited liability company to a closed joint-stock company.
The move comes as OQEP prepares to launch an initial public offering (IPO), offering up to 25 per cent of its shares to a mix of institutional and retail investors. The IPO process is expected to begin in October 2024. The company also plans to adopt a quarterly dividend distribution policy, aimed at rewarding shareholders with annualised payments of RO 230.7 million ($600 million).
Ahead of its listing on the Third Market, the Ministry of Commerce, Industry, and Investment Promotion, issued a license to transfer the legal status of OQEP from a limited liability company to a closed joint stock company with a share capital of RO 500,000 divided into 500,000 shares.
Following a resolution passed by OQEP’s board of directors on September 5, 2024, the nominal value of shares was reduced from RO 1 to 10 baisa, making shares more accessible to a broader base of investors. An Extraordinary General Meeting (EGM) held on September 8, 2024, further approved a capital increase to RO 80,000,000 through private placements.
With the approval of the Market Operations Department, OQEP is now listed on MSX’s Third Market, with a total of 8,000,000,000 shares. The listing officially took effect from September 19, 2024.
OQEP accounted for around 14 per cent of Oman’s total oil, condensate, and gas production in 2023.
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