OQ Exploration and Production (OQEP) Company has received a final commitment from main investors to subscribe up to OMR156 million at a price range of 390 baisas per share. Azzan Mohammed Al Abdullatif, Deputy Head of Public Subscriptions Implementation at OQ Group, mentioned that 20 percent of the offering volume was allocated to major investors from prestigious Omani institutions including government and private investment funds and entities from the banking sector. Notably, the Protection Fund is a major investor with a share of over 8 percent of the offering.
In an interview with Oman News Agency (ONA), Al Abdullatif highlighted that the segment of primary investors in this offering is relatively smaller compared to previous subscriptions. The focus has been shifted towards the individual segment as it is the primary target of such subscriptions. More than 40 percent of shares are available for subscription amounting to RO 312 million. It is anticipated that there will be strong demand from investors in Oman, which will lead to an increase in capital circulation and boost the activity of the Muscat Stock Exchange.
The offering structure was strategically designed to allocate 40 percent to the Individuals Category, divided into two equal tranches. The “Small Individual Investors Tranche” caters to requests ranging from 500 shares up to 28,500 shares, while the “Large Individual Investors Tranche” covers requests starting from 28,600 shares without specifying a maximum subscription ceiling. This restructuring aims to provide equal opportunities for all segments of society, allowing citizens to benefit from a 10 percent discount on the final price, equivalent to 351 baisas.
Al Abdullatif emphasized the importance of including major local investors in the subscription process, enhancing the credibility and responsiveness of the company in the market. The participation of leading Omani institutions in the offering reflects their confidence in OQ Exploration and Production Company and their commitment to supporting local businesses. Moreover, the offering is expected to attract a significant number of local investors, contributing to the overall economic growth and development of Oman.
Overall, the successful commitment from main investors to subscribe up to OMR156 million demonstrates the strong market interest in OQ Exploration and Production Company. By allocating a significant portion of the offering to major Omani institutions and individual investors, the company aims to engage a diverse range of stakeholders and promote broader participation in its growth and success. The restructuring of the offering structure to provide fair opportunities for all segments of society reflects the company’s commitment to inclusivity and transparency in its subscription process.
