Oman Investment Authority approves OQ divestments worth $5.19bln

Oman Investment Authority approves OQ divestments worth $5.19bln

Oman Investment Authority (OIA), the integrated sovereign wealth fund of the Sultanate of Oman, says it has green-lighted an “exit plan” submitted by wholly-owned energy and petrochemicals subsidiary OQ Group envisioning divestments totalling between RO 1.5 billion and RO 2 billion.

OIA made the revelation in its maiden annual report, covering its financial and operational performance over the June 2020 – December 2021 period, and published earlier this week.

“(The Authority) approved an exit plan valued between RO 1.5 billion and RO 2 billion through selling some shares to the private sector or offering them for subscription in the public capital market and attracting strategic partners to benefit from their knowledge and improve performance,” it stated.

No details were shared about the OQ-owned or affiliated assets that have been lined up for full or partial divestment. But in a statement issued last month, OIA revealed that it was prepping two OQ projects, among other ventures from across the Authority’s sizable portfolio, for listing on the Muscat Stock Exchange (MSX) via Initial Public Offerings (IPO).

Recent divestments undertaken by OQ over the period under review include its stakes in India-based Bharat Oman Refineries Limited (BORL) and Portuguese energy sector Redes Energéticas Nacionais (REN).

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