CMA approves allocation ratios for OQGN shares

CMA approves allocation ratios for OQGN shares

Muscat: The Capital Market Authority (CMA) has announced the approval of allocation of OQ Gas Networks Shares (OQGN) based on the categories mentioned in the prospectus. The issue was oversubscribed by about 14 times at OMR4 billion, whereas the overall size of the offering is OMR288. 2 million. This reflects the confidence of local and foreigner investors in the issuer and the Omani Capital Market in addition to the attractiveness of the national economy in general. The results of subscription show that the amounts of bids collected from the subscription have multiplied by 6. 1 times for the Individuals category and by 28. 9 times for the Institutions category. The CMA has considered all the available options to specify the proper mechanism for allocation in accordance with the methodology specified in the prospectus. The approval of allocation results of the Individuals category is based on a policy observing the interest of all subscribed categories to strike balance and enhance confidence in IPOs. In regards to the methodology of shares allocation for Institutions category, the CMA clarified that shares were allocated based on the standards and mechanisms approved by the issuer in the prospectus. The allocation percentages are as follows: 1