OQ is marketing 49 percent, equivalent to 377.4 millon shares, of Abraj in a public share sale
RIYADH: Oman’s Abraj Energy Solutions, the oil and gas drilling company of state power firm OQ, has established the price for its going public at 249 baizas ($ 0.65) per share, Oman’s state news company said on Monday, which would value the business at concerning $498 million.
OQ is marketing 49 percent, equivalent to 377.4 millon shares, of Abraj in a public share sale. The rate variety for the IPO was set last month at in between 242 as well as 249 baizas per share.
” Since introducing our intent to drift on the MSX, we are exceptionally delighted to have actually received strong passion from financiers,” claimed Saif Al-Hamhami, CEO of Abraj, at the time of the issuance of the program for the listing.
He stated: “In the middle of durable industry fundamentals, a positive market as well as with our diverse service offerings, consisting of drilling, workover and well services, our team believe that Abraj presents an attractive proposition for investors.”
Ahli Bank, EFG-Hermes UAE Ltd. (acting together with EFG Hermes UAE LLC) and also National Bank of Oman have been assigned as joint international planners. and also Ahli Bank as well as National Bank of Oman have been selected as issue supervisors.
The shares of Abraj Power Services are placed available in an IPO as component of the divestment strategy introduced by Oman Investment Authority to exit some governmental financial investments to give financial investment possibilities for Omani and also international financial investments to accomplish the goals of Oman Vision 2040.
This step intends to promote the private sector’s involvement in different economic sectors at the nationwide level.
The IPO will certainly also enhance financial diversification policies and also bring in capitalists from Oman as well as abroad.
Last Updated: 07 March 2023
