OQGN roadshows set to educate investors about its IPO

Business Tuesday 19/September/2023 18:24 PM
By: Times News Service
OQGN roadshows set to educate investors about its IPO

Muscat: OQGN, the Company, which holds a natural monopoly over essential gas transportation in Oman as the exclusive operator and owner of the company’s natural gas transportation network (NGTN) in Oman, a part of OQ the global integrated energy group, will be organising eight roadshows to support the announcement of its intention to launch its IPO.

The roadshows will be carried out in collaboration with the Capital Market Authority (CMA), the Oman Chamber of Commerce and Industry, and offices of governors and Walis in several governorates. The roadshows, starting on September 20  and ending on October 3, aim to educate investors, nationals and residents about the system of subscription in issued shares and targeted categories.

OQGN plans to float up to 49 per cent of its shares, in an offering that will provide investors with access to the company’s growth as the exclusive owner and operator of the gas transportation network in the Sultanate of Oman.

The first roadshow will be held on September 20 in collaboration with the Oman Chamber of Commerce and Industry in the Wilayat of Sohar in Al Batinah North Governorate. The Chamber’s branch in the Wilayat of Khasab will host the second roadshow in Musandam Governorate on September 21.

Following this, another roadshow will be held in Al Dhahirah Governorate in the Chamber’s branch in the Wilayat of Ibri on September 24. The fourth roadshow will be hosted in the Chamber’s branch in Al Buraimi Governorate on September 25.

The Wilayat of Nizwain Ad Dakhiliyah Governorate will host the fifth IPO roadshow on September 26, while the sixth roadshow will be held in the Chamber’s branch in Dhofar on September 28.

The last two roadshows will be held in the Wilayat of Ibra in Ash Sharqiyah North Governorate on October 2 and in Muscat Governorate on October 3, respectively.

Mansoor Ali Al-Abdali, Managing Director of OQGN, said, “This IPO enhances the Government’s efforts towards economic diversification, in line with the objectives of Oman Vision 2040. OQGN’s intention to float up to 49 per cent of its shares through an IPO is part of the plans, announced by OIA, to enter into partnerships with the Omani and foreign private sectors with regard to its assets. These plans are designed to expand the investor base in government companies, through public offerings in line with the plans of economic diversification and attracting national and foreign investments. OQGN’s IPO reflects the efforts made by OQ to expand investment in its assets, attract foreign investors, and provide broader segments of society access to its ownership with the aim of directing their savings to new investment opportunities, in addition to increasing liquidity on the Muscat Stock Exchange.”