{"id":82154,"date":"2024-11-05T00:00:00","date_gmt":"2024-11-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2024\/11\/05\/oq-to-float-up-to-49-stake-of-oqbi-on-msx\/"},"modified":"2024-11-05T00:00:00","modified_gmt":"2024-11-05T00:00:00","slug":"oq-to-float-up-to-49-stake-of-oqbi-on-msx","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2024\/11\/05\/oq-to-float-up-to-49-stake-of-oqbi-on-msx\/","title":{"rendered":"OQ to float up to 49% stake of OQBi on MSX"},"content":{"rendered":"

OQ to float up to 49% stake of OQBi on MSX:<\/strong> Oman\u2019s state-owned energy group OQ is planning to float up to 49% of its shares in OQ Base Industries (OQBi) through an upcoming IPO on the Muscat Stock Exchange (MSX), according to a statement<\/a>. The listing is part of a privatization drive to help Oman diversify its economy and reduce its debt, Reuters<\/a> reports. OQBi hired Morgan Stanely, Bank Dhofar, and Bank Muscat for the IPO.<\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

What\u2019s the price? <\/strong>OQBi is in talks with potential investors and bankers to \u201cdetermine the fair price for the shares,\u201d CEO Khalid Khalfan Al Asmi told Reuters. OQBi indicated that all proceeds from the offering will be distributed to the selling shareholders. <\/p>\n

The timeline: <\/strong>The subscription period is expected to start this month, with shares expected to begin trading in December. The firm expects to pay a dividend of OMR 32.7 mn (c. USD 85 mn) for 2024 and distribute a dividend at least 5% higher than 2024\u2019s payout for 2025 and 2026. <\/p>\n

About OQBi:<\/strong> The IPO offers investors exposure to Oman\u2019s only integrated methanol, ammonia, and liquefied petroleum gas (LPG) producer. OQBi has a combined capacity of 1.8 mn metric tons per annum (mtpa) \u2014 with methanol accounting for 1.1 mtpa of the total. The firm exports all of its produced methanol and ammonia and 87% of its LPG products. <\/p>\n

Adding to a string of Omani IPOs: <\/strong>Oman\u2019s state-owned OQ Exploration & Production\u2019s (OQEP) shares declined back in October<\/a> on their first day of trading after its initial public offering (IPO) raised USD 2 bn. The Oman Investment Authority (OIA) was reportedly weighing plans for an IPO of logistics firm Asyad Group back in March<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"

OQBi hired Morgan Stanely, Bank Dhofar, and Bank Muscat for the IPO<\/p>\n","protected":false},"author":1,"featured_media":82155,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[229],"tags":[228,142],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-82154","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-ipo-watch","tag-oman","wpautop","entry"],"acf":{"mongo_id":"b952b839-6236-40f1-9230-ec4e3d63ed17","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/11\/334.jpg","photo_position":"above","homepage_title":"","full_issue_title":"OQ to float up to 49% stake of OQBi on MSX","related_issue":[82147],"teaser":"OQBi hired Morgan Stanely, Bank Dhofar, and Bank Muscat for the IPO","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.a949c1ad-0f09-4e9d-95d2-71480f00ac35.mp3"},"yoast_head":"\nOQ to float up to 49% stake of OQBi on MSX - 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