Oman’s Capital Market Authority Approves OQ Gas Network’s Prospectus
Oman’s Capital Market Authority (CMA) announced on Sunday the approval of the prospectus of OQ Gas Networks (OQGN), one of the OQ companies affiliated with Oman Investment Authority (OIA).
Oman News Agency reported that the Capital Market Authority announced its approval of OQ’s prospectus by offering no less than two billion shares, which constitute 49 percent of the company’s capital, through public subscription.
This is the largest offering in the history of the CMA, in terms of size and market value of the company.
The public offering of the OQ Gas Networks Company, one of the OQ companies affiliated with the Oman Investment Authority, comes within the framework of the National Program for Financial Sustainability and Financial Sector Development, which aims to achieve the strategic goal of Oman Vision 2040 in developing the country’s economy.
As per the prospectus, the subscription period for the company’s shares will extend for two weeks starting from Sept. 26 for the first and second categories, and will continue until Oct. 9 for the first category. Subscription for the second category will close on Oct. 5.
The number of shares offered for subscription has been divided into three categories: institutional, individual and major investors.
The prospectus also indicates that the share of the first category, represented by institutions, amounts to 40 percent of the total offering, which is divided equally among local institutions on the one hand, and regional and international institutions. The minimum subscription for this category will be 100,000 shares, according to the prospectus, which did not specify the maximum subscription limit.
Thirty percent of the total offering will be allocated to the individual category, with the minimum subscription set at 1,000 shares, with no upper limit. The remaining 30 percent is allocated to the investors’ category, which represents qualified investors from inside and outside the Sultanate of Oman.
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