MUSCAT,
Oman, Oct. 2, 2024 /CNW/ -- Oman Investment
Authority (OIA), Oman's sovereign
wealth fund, has announced the Initial Public Offering (IPO) for
25% of the shares of OQ Exploration & Production, a subsidiary
of OQ Group, which is fully owned by OIA. This IPO is set to become
the largest in Oman's history on
the Muscat Stock Exchange.
Of the total shares on offer, 60% will be allocated to
institutional investors in Oman
and international, while 40% will be available to individual
investors.
The IPO, which is Shariah compliant, is part of OIA's broader
divestment strategy which was announced in mid 2022. Since then,
OIA has generated over USD 2.5
billion by divesting from 12 investments between 2022 and
2023. These divestments included nine private placements in various
sectors and three IPOs on the Muscat Stock Exchange, including The
Pearl REIF, Abraj Energy Services, and OQ Gas Networks, all of
which resulted in substantial oversubscription, reflecting strong
investor confidence.
OIA's approach focuses on divesting from a select number of its
subsidiaries and converting them into public joint-stock companies
or selling equity in these subsidiaries directly to strategic
investors. This strategy aims to stimulate Oman's economy and invigorate the Muscat Stock
Exchange, thereby elevating Oman
to emerging market status. By listing government-owned assets
publicly, OIA seeks to enhance governance, transparency, and
adoption of global best practices. This policy is integral to
Oman's economic diversification
efforts and aims to empower the private sector to play a leading
role in driving the economy. Additionally, it creates profitable
investment opportunities for citizens and residents as well as
attracting high-quality foreign investments.
Constantly evolving in response to global economic shifts with
the aim to establish a robust institutional framework, OIA has
updated its divestment strategy for the next five years, covering
2025 to 2029. OIA has also established steering committees within
its subsidiaries to ensure efficient management of divestment
operations. The plan includes approximately 30 investments that
will be divested either through public offerings in sectors such as
energy, logistics, utilities, and infrastructure or through direct
sales to strategic investors in sectors including aquaculture,
agriculture, and mining.
With investments spanning more than 30 countries, OIA aims to
remain at the forefront of the rapidly-changing global economic
landscape to bolster the national economy and elevate Oman's global competitiveness. By adopting
forward-thinking economic policies, OIA is opening new investment
opportunities aligned with Oman's
Vision 2040, which seeks to enhance economic diversification,
attract foreign direct investments, and foster partnerships with
local enterprises to drive greater sustainable economic prosperity
for the Sultanate of Oman.
For more information, please contact Fahad Al Toubi, Senior Specialist-Media
Relations
Phone: (+968) 24745781
Email: Fahad.AlToubi@oia.gov.om
Website: www.oia.gov.om
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SOURCE Oman Investment Authority