Oman’s state power firm OQ SAOC is contemplating promoting shares in two items this 12 months because the nation seeks to lift funds and deepen capital markets by itemizing government-owned companies throughout the financial system.
OQ is evaluating plans to listing its exploration and manufacturing enterprise, in addition to a methanol and liquefied petroleum gasoline fuels unit, stated Ashraf Al Mamari, the performing chief govt officer for the group. It’s nonetheless too early to debate attainable valuations, he stated.
Oman, the most important Persian Gulf oil producer that’s not a member of OPEC, is hoping an inflow of capital from state asset gross sales will increase industries corresponding to power, transport and tourism. That’s a part of a broader pattern of divestments within the energy-rich area as bigger neighbors Saudi Arabia and the United Arab Emirates additionally look to diversify their economies to arrange for a post-oil age.
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Bloomberg reported earlier this month that OQ had requested banks to pitch for roles on the preliminary public choices of the 2 items. OQ Exploration & Manufacturing might increase about $1 billion in an IPO, individuals conversant in the proposals stated on the time.
