OQ Gas Networks (OQGN) has announced its intention to proceed with an initial public offering (IPO) and listing on the Muscat Stock Exchange (MSX), which is expected to take place in October 2023.
The selling shareholders intend to offer up to 49 percent of OQ Gas Networks’ total share capital. Immediately following the offering, a minimum of 51.0 percent shareholding will continue to be held by OQ. The company’s planned listing will allow investors to gain exposure to the exclusive operator and owner of the natural gas transportation network (NGTN).
“OQGN, as the exclusive operator of the NGTN in Oman, provides critical infrastructure to deliver gas that supports the industries and economy of Oman. This listing, which we are proud to be conducting on the Muscat Stock Exchange, will allow us to move the company into the next chapter of growth. The core focus of OQGN will remain unchanged, focusing on the delivery of vital resources supporting the growth of our customers and the Sultanate of Oman. Our work is underlined by a commitment to reliability, efficiency, safety, and sustainability. Together with our partners at OQ and OIA, we look forward to the listing and are excited by the opportunities it brings – to our customers, our investors, our employees, and the people of Oman.”
Mr. Talal Al Awfi, OQ Group CEO and OQGN Chairman, said that, “The IPO of OQGN is part of a broader divestment program envisioned by the government and being implemented by Oman Investment Authority (OIA) – the integrated sovereign wealth fund of the Sultanate of Oman. This marquee offering is an opportunity for Omani and international investors to participate in Oman’s Vision 2040, the long-term national development plan that aims to make Oman a prosperous, competitive, and sustainable nation and to rapidly diversify its economy.”
“The listing of OQ Gas Networks, which owns and operates critical gas transportation infrastructure in Oman, is in line with this ambition while enriching the dynamically developing Omani stock market. We look forward to the listing on the MSX and are excited for what’s to come,” Mr. Al Awfi added.
The completion of the Offering and Admission of the shares to trading on the MSX is expected in October 2023, subject to market conditions and obtaining relevant regulatory approvals in Oman, including approval of Admission.
Bank Muscat, BofA Securities, and EFG-Hermes UAE Limited (acting in conjunction with EFG Hermes UAE) have been appointed as Joint Global Coordinators, and Bank Muscat has been appointed as Issue Manager, as per the statement.