Saturday 23 / November / 2024
Muscat: OQ Gas Networks (OQGN) organised today at Muscat Stock Exchange (MSX) its final roadshow to introduce investors, citizens and residents to the system of subscribing in its shares and the targeted categories.
The session was attended by a group of investors and businesspeople. The company floated up to 49% of its shares in an initial public offering (IPO), which provides an opportunity for investors to take part in the growth of OQGN.
With its final session held in Muscat, the company concluded its roadshows that were organized to educate the public about its IPO which will end on 5 October for the second category.
The sessions, which started on 20 September, were held in the governorates of North Al Batinah, Musandam, Al Dhahirah, Al Dakhiliyah, Al Buraimi, Dhofar, North Al Sharqiyah and Muscat. The roadshows witnessed a significant turnout from citizens and investors who raised questions regarding subscription to OQGN’s shares and its potentials.
On this occasion, Mansoor Ali Al Abdali, Managing Director of OQGN, said: “The roadshows held in various Omani governorates witnessed a good interaction from citizens and investors. This reflects the public awareness about the importance of investing in OQGN’s shares, which provides an opportunity for investors and citizens to take part in the growth of the company. OQGN is the exclusive operator of the gas transportation infrastructure in the Sultanate of Oman.”
He added: “OQGN has attributes that qualify it to play a key role in the energy transition journey in the Sultanate of Oman. The company’s growth strategy is based on maximizing its strengths and market position in order to play a key role in Oman's energy transition through facilitating the transportation of hydrogen.”
Regarding the details of the IPO, Al Abdali said that 70% of the total volume of the IPO was assigned to the first category which includes legal entities and anchor investors. The first category was divided into 20% for local legal entities, 20% for foreign legal entities and 30% for anchor investors. The remaining 30% of the IPO volume was assigned to the second category including individual investors.
He explained that the minimum subscription for the first category is up to 100,000 shares and then the multiples of 100 shares, whereas the minimum subscription for the second category is up to 1,000 shares and then the multiples of 100 shares. As for the price of share, it ranges between 131 – 140 Baizas for the first category, whereas the price in the second category was set as 126 Baizas as the highest price on which a 10% discount is applied.
Al Abdali pointed out that OQGN is an ambitious company that sets environmental and social practices as a basis for its strategy and defines its strategic priorities in line with the ambitious sustainability agenda of the Sultanate of Oman. The company is also committed to supporting the nation’s endeavors to achieve carbon neutrality.
Al Abdali added that the company has strong growth opportunities as it obtained regulatory approvals for its short-term network expansion initiatives and long-term transformational growth initiatives.
He pointed out that the strategy of the company is based on three main pillars by continuing to invest in the growth of the natural gas transportation network, removing barriers, conducting updates, acquiring the assets of gas transportation and expanding in the activity of transporting other sources of energy.
The future growth of the company is also based on the increasing demand for gas in the Sultanate of Oman with the rise in economic activity and manufacturing in all vital sectors in Oman including the liquified natural gas sector, the electricity sector, the water desalination sector, the oil and gas sector, in addition to the industrial and commercial sectors.
