Oman’s Abraj Energy Services to offer 49% in IPO

Oman’s Abraj Energy Services to offer 49% in IPO

Muscat, Oman: Abraj Energy Services S.A.O.G. on Sunday announced its intention to offer 49 per cent of its issued share capital in an initial public offering on the Muscat Stock Exchange in March this year. The listing is subject to receiving the required regulatory approvals from the sultanate’s Capital Market Authority. The planned listing will allow investors to gain exposure to a leading onshore oil and gas field services provider in Oman, with a wide service offering including drilling, workover and well services. No new shares will be issued during the offer, and OQ will continue to indirectly have 51 per cent shareholding. The offering is for eligible investors in Oman and international investors outside the US (Phase I investors with 85 per cent of the total offering) and retail investors in Oman (Phase II investors with 15 per cent of the offering). The subscription period for both sets of investors is expected to commence in February. The company proposes to pay yearly dividends. In 2023, the company intends to pay a dividend of 85 per cent of profit for the year ended December 31, 2022. Commenting on the announcement, Ayad Al Balushi, Chairman of the Board of Directors, Abraj,