MUSCAT : OQ Gas Network, a subsidiary of OQ, the global integrated energy group, unveiled its intention to float its IPO in the Muscat Stock Exchange in October, after completing regulatory requirements from the Capital Market Authority.

At a ceremony conducted under the patronage of H.E. Qais bin Mohammed Al Yousef, Minister of Commerce, Industry, and Investment Promotion, the company indicated that the offering will be conducted in a manner approved by the Capital Market Authority, with the shares being offered in two tranches: the first category includes 70 percent of the total shares offered (30 percent of the offering shares in this category are reserved for major investors), while the second category includes 30 percent of the total shares offered to individual investors.

During the press conference held today at the Oman Convention and Exhibition Center, the Company explained that if the total orders in the second category are less than 30 percent of the offering, after the full allocation is made to the second category investors, the remainder will be returned to the first category investors in the event of an increase in applications in the first category.

H.E. Abdullah bin Salem Al Salmi, CEO of the Capital Market Authority, said the offering is the largest issuance of shares in the Omani capital market and is the second company in the oil and gas sector to be offered on the Muscat Stock Exchange, which will work to strengthen the capital market sector and the Muscat Stock Exchange, in addition to attracting local and foreign investments.

Speaking on the occasion, Engineer Mansour bin Ali Al Abdali, Executive Director of OQ Gas Networks, said the company owns the infrastructure for transporting gas to support the various sectors and economy in the Sultanate of Oman, and is the exclusive operator of the natural gas network.

He expressed his hope that this listing will open new horizons for the company from the growth stage and focus on providing the basic resources that support this growth. On the other hand, the company expected to distribute the first dividend of OMR 33 million Omani for the first nine months of the current year in January 2024, and the second dividend of OMR 11 million for the last three months of 2023 in April 2024.

In 2022, the company transported approximately 39.4 billion cubic meters of gas from 6 gas producers to a diverse consumer base of approximately 130 gas consumers along approximately 4,031 kilometers of gas pipelines supported by 3 compression stations and 25 gas supply stations.

Last year, the company achieved revenues amounting to OMR 160.4 million, while during the first half of this year it recorded revenues of about OMR 85 million.

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