Saturday 26 / October / 2024
Muscat: Muscat Stock Exchange (MSX) will see on Monday, trading in the shares of OQ Exploration and Production (OQEP) Company, following the success of the IPO, which is the largest in the history of Oman’s capital market and one of the top IPOs offered during the march of MSX since inception.
OQ Exploration and Production Company offered from 30 September to 10 October 25% (2 billion shares) of its total shares in and IPO. The IPO saw a strong demand (of OMR1.8bn) from the establishments and individuals.
Azzan Mohammed Redha Al Abdullatif, Vice Chairman for Acquisition Projects at OQ Group said that listing the shares of OQ Exploration and Production Company in MSX represents a historic event in Oman as the company is the leading company in energy sector in the field of exploration and production and that the listing of its shares is as part of Oman Investment Authority’s Exit Plan regarding some government assets.
He said that this subscription in OQ shares, is the largest in the history of Oman’s capital market and the largest in the Middle East and North Africa since the beginning of 2024.
Mustafa Ahmed Salman, Vice Chairman and CEO of United Securities Company said that listing the shares of OQ Exploration and Production (OQEP) Company in MSX would give MSX the strength to move to the next stage of the development plan and that the company’s market value is expected to exceed OMR3 billion when listed on MSX.
