MSX appoints OQ Group as liquidity provider for Ajman Towers Energy Services and OQGN

Business Monday 04/March/2024 17:28 PM
By: Times News Service
MSX appoints OQ Group as liquidity provider for Ajman Towers Energy Services and OQGN

Muscat: Muscat Stock Exchange (MSX) celebrated on March 3, by ringing the bell to appoint OQ group as the main contributor in Ajman Towers Energy Services and OQGN, with Obar Capital serving as a liquidity provider for the two companies.

This step aligns with MSX's strategy aimed at revitalising the capital market, enhancing its position to support economic development and the vision of Oman 2040.

Haitham bin Salem Al Salami, CEO of MSX, stated that the exchange launched the Market Making initiative in collaboration with the National Financial Sustainability Programme to create a balance between supply and demand in securities for listed companies during trading sessions. He added that companies have begun responding to this initiative by appointing liquidity providers for several companies and banks. Today, we witness the appointment of a liquidity provider by the OQ group for Ajman Towers Energy Services and OQGN, the largest companies listed in the energy sector, confirming that OQ's step to strengthen its key invested companies reflects the level of attention it devotes to its investments.

He added that this initiative will encourage some companies to contribute by appointing liquidity providers, making the MSX more attractive to investment for various segments of investors, increasing trading volumes, and reducing fluctuations in securities prices. He said that MSX is making great efforts to encourage companies to appoint liquidity providers due to their significant importance in creating a balance between buy and sell orders and increasing the liquidity of securities.

On his part, Azan bin Abdul Latif, Deputy CEO for Investments at OQ, stated that this step comes within the framework of a strategy to enhance the financial market industry and improve the liquidity of shares of companies listed on the MSX, in which OQ participates as a major investor, increasing the confidence of investors and partners in the shares of companies, supporting the strategy of MSX aimed at revitalising and upgrading the financial market to an emerging market, and enhancing its position within the framework of the efforts made for economic diversification in line with the goals of Vision Oman 2040.

It is worth mentioning that OQGN is the owner and exclusive operator of the natural gas transmission network in the Sultanate of Oman. The network acts as a vital link connecting gas producers with gas consumers in the country. Ajman Towers represents an integrated entity in the Omani oil and gas services sector, providing a wide range of services to prominent stakeholders in the region, including drilling platforms, well maintenance services, hydraulic fracturing, cementing, flexible pipes, comprehensive engineering solutions, and integrated project management. Ajman Towers employs the latest and best technologies of its kind, including a fleet of advanced drilling platforms that are considered the latest of their kind regionally and globally.