CMA approves issuance of over 377 million shares of Abraj Energy Services for Public Subscription

Muscat: The Capital Market Authority (CMA) has approved the stock prospectus of Abraj Energy Services SAOC, one of OQ Group’s subsidiaries (under transformation), for its conversion from a closed joint stock company to a public joint stock company. By virtue of this transformation, the company will offer 377,398,000 shares for public subscription.

The shares will be offered in two parallel categories. The first category will be allocated for major investors and will account for a maximum of 85 per cent of the total public offering. It will be directed to major and corporate investors in Oman, in addition to international investors. The subscription price in the first category will be set in the range of 242 baizas to 249 baizas per share.

The second category of shares will be offered to small individual investors in the Sultanate of Oman, and will account for no less than 15 per cent of the total public offering. The shares of this second category will be offered at a maximum discounted price of 224 baiza per share, calculated at a maximum price of 249 baiza less a discount of 10 per cent.

The company has announced that its stock prospectus and the details of its initial public offering have been published at Muscat Stock Exchange (MSX). It is expected that the public offering of the first category of shares will run from 20 February until 2 March 2023, while the subscription period of the second category will extend from 20 February until 1 March 2023.

During this subscription, 49 per cent of Abraj’s issued capital will be sold. The selling shareholders will retain their rights to modify the offering at any time before the end of the underwriting period at their absolute discretion and according to the applicable laws after receiving an approval from the CMA in Oman. – ONA

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