Oman’s OQEP to be listed on the MSX on October 28

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Muscat: The Financial Services Authority (FSA) has indicated that the shares of OQ Exploration and Production Company are expected to be listed on the Muscat Stock Exchange (MSX) on October 28, as the subscription witnessed a great turnout from investors of different categories, as the coverage amounted to more than (2.4) times the total shares offered (2 billion shares); while the total shares actually collected amounted to about (4.820) billion shares.

In a statement to Oman News Agency, His Excellency Abdullah bin Salem Al Salmi, CEO of the Financial Services Authority, expressed his happiness with the level of success achieved in the public subscription process of OQ Exploration and Production Company shares, which is the largest issuance in the history of the Omani capital market, noting that this great turnout confirms investors’ confidence in the Omani capital market and its ability to finance large investment projects, while stressing at the same time that these subscriptions enhance the role of the capital market sector as one of the effective sources of financing in the national economy.

His Excellency added: The IPO market provides diverse and unconventional financing options for various economic projects. New subscriptions also contribute to deepening the capital market by attracting local and foreign investments and employing them in financing economic projects, whether by launching new projects or establishing them as public joint-stock companies or converting existing institutions and companies into joint-stock companies, which will be directly reflected in providing investment opportunities for local and foreign investors, thus expanding the investor base and deepening the liquidity of the Muscat Stock Exchange.

His Excellency also explained that the Muscat Stock Exchange will witness new subscriptions in the coming period, as it is expected that some shares of OQ Basic Industries will be allocated for public subscription by the end of this year, and Asyad Shipping Company at the beginning of next year.

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