Saturday, December 02
08:15 PM

OQGN organises final IPO roadshow at MSX


Muscat – OQ Gas Networks (OQGN) organised its final IPO roadshow on Monday to introduce investors, citizens, and residents to the process of subscribing to its shares and the targeted categories.

Organised at the Muscat Stock Exchange (MSX), the event was attended by a group of investors and businesspeople. The company floated up to 49% of its shares in an initial public offering (IPO), providing an opportunity for investors to participate in OQGN’s growth.

With its final session held in Muscat, the company concluded its roadshows aimed at educating the public about its IPO, which will end on October 5th for Category 2 investors.

The roadshows, which began on September 20, were held in the governorates of North Batinah, Musandam, Dhahirah, Dakhiliyah, Buraimi, Dhofar, North Sharqiyah, and Muscat. The roadshows witnessed a significant turnout from citizens and investors who raised questions regarding the subscription to OQGN’s shares and their potential.

Mansoor Ali al Abdali, Managing Director of OQGN, said, “The roadshows held in various Omani governorates witnessed good interaction from citizens and investors. This reflects the public awareness of the importance of investing in OQGN’s shares, which provides an opportunity for investors and citizens to participate in the company’s growth. OQGN is the exclusive operator of the gas transportation infrastructure in Oman.”

He added, “OQGN has attributes that qualify it to play a key role in the energy transition journey in the Sultanate of Oman. The company’s growth strategy is based on maximising its strengths and market position to play a key role in Oman’s energy transition by facilitating the transportation of hydrogen.”

Regarding the details of the IPO, Abdali said that 70% of the total volume of the IPO was allocated to Category 1, which includes legal entities and anchor investors. The first category was divided into 20% for local legal entities, 20% for foreign legal entities, and 30% for anchor investors. The remaining 30% of the IPO volume was allocated to Category 2, including individual investors.

He explained that the minimum subscription for the first category is up to 100,000 shares, with subsequent multiples of 100 shares, whereas the minimum subscription for the second category is up to 1,000 shares, with subsequent multiples of 100 shares.

Abdali added that the company has strong growth opportunities as it has obtained regulatory approvals for its short-term network expansion initiatives and long-term transformational growth initiatives.

He pointed out that the company’s strategy is based on three main pillars: continuing to invest in the growth of the natural gas transportation network, removing barriers, conducting updates, acquiring the assets of gas transportation, and expanding in the activity of transporting other sources of energy.

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