OQ Team, stood for by its Upstream-sector, and also Abraj Power Services (Abraj, under change) signed a contract with the Saudi Omani Investment Firm (SOIC) by which SOIC acquires 20 per cent of Abraj’s shares that are being provided in an initial public offering.
This action comes as part of the joint economic and also investment cooperation between the Sultanate of Oman and the Kingdom of Saudi Arabia. It reflects the efforts applied by Oman Financial investment Authority to attract international investments in various production as well as service sectors, as well as the strategies of OQ, the global integrated power group, to expand the investors’ ownership in a few of its possessions.
The finalizing of this support financial investment arrangement mirrors the regional growth strategy adopted by OQ Group and its commitment to bring in foreign direct investment, according to the objectives of Oman Vision 2040.
This investment agreement shows SOIC’s self-confidence in Abraj’s future as an economically resistant and high-growth service with massive prospective to grow regionally. The contract signed with strategic financiers would certainly enhance the self-confidence of other sectors of company and also specific capitalists to invest in Oman.
It deserves keeping in mind that this arrangement would accelerate as well as enhance the business extent of Abraj as a quality oilfield services provider that improves the in-country value and supports the development of Oman’s capital markets.
According to the supply program of Abraj accepted by the Funding Market Authority (CMA), the shares of Abraj will certainly be provided for trading at the Muscat Stock Exchange (MSX) on March 14, 2023. Abraj plans to provide 49 percent of its share funding, equal to 377,398,000 shares for public registration.
Last Updated: 13 February 2023
