Muscat – The Capital Market Authority (CMA) on Sunday announced the approval of the prospectus for the initial public offering (IPO) of OQ Gas Networks (OQGN), the sole operator of Oman’s gas transportation system.
The subscription period for the IPO will commence on September 26, 2023 for retail investors and instituions categories, the CMA said in a statement on Sunday.
OQGN recently announced its intention to proceed with an IPO and listing on the Muscat Stock Exchange (MSX). The listing of OQGN shares on the MSX is expected to take place in October 2023.
The selling shareholders expect to sell up to 49% of the total issued share capital of OQGN in the IPO. Following the offering, OQ will continue to hold a minimum of 51% shareholding.
The offering is being offered to eligible investors in Oman and qualified institutional and other investors in a number of countries (Category I Investors) and retail investors in Oman (Category II Investors).
OQGN holds a natural monopoly over the essential gas transportation infrastructure in Oman and is the exclusive owner and operator of the Natural Gas Transportation Network (NGTN), serving critical roles in Oman as the asset owner, operator and maintenance and transportation provider of gas through the NGTN.