Subscription for OQ Basic Industries IPO kicks off on Sunday

Muscat: Subscription in the shares of OQ Basic Industries Corporation (under transformation) will start tomorrow, Sunday, and will continue for 5 days for individuals and 8 days for institutions.

The public offering, which is in compliance with the provisions of Islamic Sharia, represents a pivotal step in the company’s journey. The number of shares offered for subscription is approximately 1.7 billion shares, and the size of the offering represents 49 percent of the company’s capital, with a value that may exceed 180 million Omani riyals.

The initial public offering of OQ Basic Industries is the fourth company from OQ Group to be transformed into a public joint stock company and listed on the Muscat Stock Exchange, as part of the group’s efforts to enhance economic diversification policies in the Sultanate of Oman and attract investors in order to achieve the goals of Oman Vision 2040 by converting state-owned assets into companies listed on the stock exchange, and in an effort to support private sector participation, achieve sustainable growth, and develop the capital market to increase liquidity on the Muscat Stock Exchange, and work to enhance its attractiveness to investors at the local and international levels.

Eng. Ali bin Mohammed Al Lawati, Chief Human Resources and Technology Officer at OQ Group and Chairman of OQ Basic Industries, explained that this offering comes within the framework of efforts aimed at enhancing economic policies, attracting investments, and promoting the Muscat Stock Exchange to be an emerging market that attracts foreign investors.

He added that the company contributes to enhancing Omani exports abroad and providing the necessary raw materials for many industries in the world, and its transformation into a public joint stock company will enhance its future growth in line with OQ Group’s vision in the energy sector.

For his part, Khalid bin Khalfan Al Asmi, CEO of OQ Basic Industries, said that the initial public offering of OQ Basic Industries provides an opportunity to invest in a company that has strong foundations and a successful track record, noting that the company will organize 6 introductory meetings to subscribe to its shares in a number of governorates in cooperation with the Oman Chamber of Commerce and Industry.

For his part, Ahmed bin Suleiman Al Kindi, International Cooperation Expert at Muscat Clearing Company, stressed that the company’s participation in the campaign to introduce OQ Basic Industries shares in a number of governorates comes within the framework of enhancing awareness of the procedures for registering investors wishing to subscribe and invest in the Muscat Stock Exchange, noting that the company’s introductory tour contributes to increasing awareness of the necessary procedures and enhancing investors’ understanding of investing in securities.

OQ Basic Industries will begin its first introductory meetings tomorrow, Sunday in South Al Batinah Governorate at the branch of the Oman Chamber of Commerce and Industry in the Wilayat of Rustaq, and the day after tomorrow, Monday, in North Al Sharqiyah Governorate at the branch of the Oman Chamber of Commerce and Industry in the Wilayat of Ibra, and next Tuesday in Muscat Governorate at the Oman Convention and Exhibition Center.

Next Tuesday, an introductory meeting will be held in Al Dakhiliyah Governorate at the headquarters of the Oman Chamber of Commerce and Industry in the Wilayat of Nizwa, and next Wednesday at the branch of the Oman Chamber of Commerce and Industry in the North Al Batinah Governorate at the branch of the Oman Chamber of Commerce and Industry in the Wilayat of Sohar. OQ Basic Industries will conclude its introductory meetings next Thursday in the Dhofar Governorate at the Sultan Qaboos Youth Complex for Culture and Entertainment in Salalah.