OQ signs agreement to sell 20% shares of Abraj Energy in the IPO

Muscat: The OQ Group concluded an agreement to sell 20 percent of the shares of Abraaj Energy Services Company, one of the group’s companies (under transformation), through public offering with the Saudi Omani Investment Company, as part of efforts to attract foreign investments.

The signing of a basic investment agreement with the “Saudi Omani Investment Company” to sell 20 percent of the shares of “Abraaj” listed in its initial public offering reflects the regional growth strategy pursued by the OQ Group and its commitment to support the goals of Oman’s Vision 2040 by attracting foreign direct investment.

The signing of an agreement with strategic investors would increase the confidence of other segments of corporate and individual investors in underwriting in the Sultanate of Oman and abroad.

It is noteworthy that the signing of this agreement will accelerate and enhance the scope of Abraaj’s business as a leading oilfield services provider that contributes to enhancing local value and supports the development of capital markets in the Sultanate of Oman.

According to the prospectus, “Abraj” shares, approved by the Capital Market Authority, will be listed and traded on the Muscat Stock Exchange on March 14, 2023, as “Abraj” intends to offer 49 percent of its total share capital, which is equivalent to 377 million and 398 thousand shares.

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