OQEP Secures RO 156 Million in Commitments from Major Investors

Oman, 01 October, 2024 : OQ Exploration and Production (OQEP) has secured final commitments from main investors to subscribe to shares worth RO 156 million, priced at the upper limit of 390 baisas per share. Azzan Mohammed Al Abdullatif, Deputy Head of Public Subscriptions Implementation at OQ Group, noted that 20% of the offering is allocated to major local investors, including reputable government and private investment funds and banking entities.

Among these investors is the Protection Fund, which holds over 8% of the offering. Al Abdullatif mentioned that this segment of primary investors is smaller than in previous subscriptions, leading to an increase in the individual segment, which is the primary target for subscriptions.

Over 40% of the shares, valued at RO 312 million, are available for subscription. Strong demand is anticipated, with many local investors expected to participate, enhancing capital circulation and boosting activity on the Muscat Stock Exchange. 

The offering structure allocates 40% to individual investors, divided into two tranches: the "Small Individual Investors Tranche" for requests from 500 to 28,500 shares and the "Large Individual Investors Tranche" for requests over 28,600 shares. This restructuring aims to ensure fair opportunities for all segments of society, offering a 10% discount on the final price, equivalent to 351 baisas.

Source : www.omannews.gov.om