MUSCAT: Asyad Shipping is expected to sell an additional stake of at least 5% to the public as it moves to meet the Muscat Stock Exchange’s minimum free-float requirement, the company said.
Asyad Group SAOC, the shipping company’s parent, sold 1.04 billion shares, representing 20% of Asyad Shipping’s issued share capital, in its initial public offering in 2025. The company’s entire issued share capital was subsequently listed on the MSX.
The Financial Services Authority (FSA) granted Asyad Group an exemption at the time of the IPO from the MSX requirement for a minimum public free float of 25%, allowing the listing to proceed with a 20% free float.
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Under the arrangement, a further stake representing at least 5% of Asyad Shipping’s issued share capital is expected to be sold by Asyad Group to bring the company into compliance with the requirement.
Asyad Shipping said it and its parent were evaluating the timing and structure of the additional share sale in consultation with the FSA.
The transaction remains subject to market conditions and regulatory approval and is expected to be completed before the second anniversary of Asyad Shipping’s IPO, which was completed on March 12, 2025.
The company said it would make further disclosures to the market in accordance with applicable laws and regulations when there are material developments.
