MUSCAT: Oman is considering an initial public offering (IPO) of two units of state energy company OQ and a manufacturing firm, the Oman Investment Authority (OIA) said.
The decision comes after OIA announced its plans to exit six of its national investments in diverse sectors over a five-year period. OIA said it will start with preparing three of its assets to be considered for initial public offerings in Muscat Stock Exchange (MSX). “Through this exit plan, OIA aims to generate revenues for the state’s general budget, utilize the acquired revenues in financing capital expenditure and operational expenses, invest in promising sectors after handing over current investments to the private sector,” Nasser Sulaiman Al Harthy, OIA’s Acting Chairman for Operations said.
“OIA conducted workshops and programs to devise an exit plan within a 5-year timeframe between 2021 and 2025 to exit more than 30 assets,” Al Harthy added.
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The plan focuses on exiting investments in sectors contributing to economic diversification, like manufacturing, mining, tourism, and logistics.
Additionally, OIA will partially and fully exit two Asyad Group projects and fully exit several OMRAN hotels and resorts. According to a report by Bloomberg, IPO in the region have raised over $13.4 billon in the first five months of the year, fuelled by high oil prices in the Middle East.
