Bank Muscat offers financing solutions to retail and institutional investors subscribing to OQGN IPO

Business Monday 02/October/2023 16:01 PM
By: Times News Service
Bank Muscat offers financing solutions to retail and institutional investors subscribing to OQGN IPO

Muscat: Bank Muscat, the leading financial service provider in the Sultanate of Oman, offers financing solutions to individuals and non-individual (institutional) investors interested in subscribing to the Initial Public Offering (IPO) of OQ Gas Network.

The subscription period for individual investors commenced on 26 September and would end on 5 October, whereas the subscription period for non-individual investors spans from 26 September to 9 October. Each investor will require an investor folio number with Muscat Clearing & Depository (MCD) to subscribe to the IPO.

Being the largest IPO in Oman, the offering is expected to receive positive response from retail and institutional investors based in Oman and outside of Oman and therefore financing solutions offered by Bank Muscat exclusively for this IPO are expected to help the investors uniquely position themselves for their participation in the IPO.

For individual investors, Bank Muscat is providing instant access to IPO financing securely and conveniently through the bank’s Internet Banking and Mobile Banking platforms. The bank is offering competitive financing terms to its customers starting with a one-time upfront charge as low as OMR 10 (excluding VAT) per investor based on the financed amount.

In addition, there are no interest or prepayment charges payable by the individual customers when the financing amount is fully repaid to the Bank at the time of processing of refund of excess amount of subscription from MCD.

The Bank is providing 1:1 financing to its customers who wish to subscribe to the offering with a minimum financing amount of OMR 1,000 per investor and a maximum financing limit of OMR 100,000 per investor through the Mobile Banking and Internet Banking platforms. Individual investors requiring financing in excess of OMR 100,000 may approach BankMuscat’s nearest branch and discuss their specific requirements with the Bank Muscat branch team.

Individual investors interested in subscribing to the IPO would also have the option to avail financing by visiting any of the bank’s 178 branches across Oman by submitting a copy of the IPO financing application form available at the branches.

Please visit the Bank Muscat website for full details of the terms of financing offered by Bank Muscat for OQGN IPO. Further, the tutorial videos for applying to the IPO through Mobile Banking and Internet Banking platforms of the Bank are also available on the above link of the Bank Muscat website.

Non-individual (institutional) customers interested in availing of IPO financing may reach their respective relationship managers at Bank Muscat and discuss appropriate financing options as per their requirements.

Before subscribing to the IPO, investors are advised to refer to the prospectus of OQ Gas Networks that is available on the website of the Capital Market Authority for details about the issue.