Asyad Shipping lists on MSX

BUSINESS REPORTER

MUSCAT, MARCH 12

Asyad Shipping Company SAOG, one of the world’s largest diversified maritime providers and a global leader in deep-sea transportation, successfully listed on the Muscat Stock Exchange (MSX) on Wednesday, March 12, 2025, following the completion of its IPO. The company raised around RO 128.1 million (equivalent to $332.8 million) from domestic and international investors.

Following the bell ringing ceremony at the MSX, trading of Asyad Shipping’s shares commenced under the ticker symbol “ASCO”.

A total of 1,041,748,856 ordinary shares were offered to investors, representing 20 per cent of the company’s total issued share capital. The offer price was set at 123 baizas per share, with Asyad Shipping’s market capitalization at approximately RO 641 million ($1.66 billion).

The company has established a robust dividend policy, demonstrating its commitment to shareholder returns. The company intends to declare a dividend of $58.0 million (approximately RO 22.3 million) payable in March 2025 and a dividend of $75.0 million (approximately RO 29.0 million) payable in September 2025. Looking ahead, based on projected performance for the year ending December 31, 2025, the Company expects to declare a dividend of $75.0 million payable in March 2026.

In 2026, the Company expects to declare a fixed annual dividend of $150.0 million (RO 58.0 million), 50% of which, amounting to $75.0 million (RO 29.0 million), is expected to be paid in September 2026 on the basis of the Company’s performance for the six months ending 30 June 2026, and the remaining 50% of which, amounting to $75.0 million (RO 29.0 million), is expected to be paid in March 2027 on the basis of the Company’s performance for the year ending 31 December 2026.

In 2027, the Company expects to declare a dividend based on 95% of the audited net income for the year ending 31 December 2027. The Company expects to pay 50% of this dividend in September 2027 and 50% in March 2028.

Commenting on this exceptional event in the journey of Asyad Shipping, Dr Ibrahim bin Bakhit al Nadhairi, CEO of Asyad Shipping, said: “I am incredibly proud to see Asyad Shipping list on Muscat Stock Exchange. Since our establishment in 2003, our journey has been marked by sustainable growth and global expansion and we have successfully built one of the world’s largest diversified shipping companies, leveraging Asyad Group’s advanced infrastructure. As we look towards the future as a public company, we remain committed to supporting Oman’s economic development, expanding our global operations, and creating value for our investors and partners by continuously seeking out new growth opportunities.”

Asyad Shipping’s public listing on the MSX allows domestic and international investors to invest in one of the world’s largest diversified maritime shipping companies and a key player in the Omani economy.

Commenting on the listing, Haitham Salim al Salmi, CEO of Muscat Stock Exchange, said: “The listing of Asyad Shipping, a subsidiary of Asyad Group, on the Muscat Stock Exchange is an important step towards reinforcing the Exchange’s position and opens new investment opportunities in the diversified maritime transport and shipping industry. Asyad Shipping is the first company that lists on the MSX this year, a valuable addition to the logistics sector on the Exchange. This listing elevates the market capitalization of the Exchange to approximately RO 27.831 billion, and the company will be one of the ten largest listed companies on the Exchange. Asyad Shipping’s listing is aligned with the Oman Investment Authority’s strategy to divest from some government assets, to support the economic diversification efforts and achieve the objectives of Oman Vision 2040.”