- Oman’s OQ Gas Networks, a subsidiary of state oil company OQ, plans to conduct an IPO and list up to 49% of its shares on the Muscat Stock Exchange. The IPO will include subscriptions for qualified institutional investors, retail investors in Oman, and other investors in various countries. The offering size was not disclosed, with 70% allocated to eligible investors in Oman and qualified institutions, and 30% for retail investors. The listing is expected in October, and OQGN controls Oman's natural gas transport infrastructure, handling 39.4 billion cubic meters of gas in 2022.
- Oman's OQ Gas Networks is following in the footsteps of its parent company, OQ, in participating in Oman's privatization program. By going public, OQGN aims to diversify its ownership and raise capital for further expansion. This move also highlights Oman's commitment to opening up its economy to private investment and capital markets, attracting both domestic and international investors.
Why it matters
OQ Gas Networks expects to distribute semi-annual dividends of approximately 33 million riyals ($85.7 million) for the first nine months of 2023. The expected dividend distribution will be in January 2024, while the second dividend distribution will amount to 11 million Riyals for the last quarter of this year.
