Monday 28 / October / 2024
Muscat: The Muscat Stock Exchange (MSX) celebrated yesterday the listing of OQ Exploration and Production’s (OQEP) shares, marking the commencement of public trading following an Initial Public Offering (IPO) of 25% of the company’s share capital.
With a market capitalization of more than RO 3 billion, OQEP has become the largest company listed on the MSX and the first exploration and production company to achieve this.
This milestone reflects efforts to diversify the MSX offerings and include key players from across Oman’s economic sectors.
The event began with the ceremonial ringing of the bell to signal the start of trading, under the auspices of Sultan Salim Al Habsi, Minister of Finance.
Ashraf Hamed Al Mamari, Group CEO of OQ, commented on the occasion by saying: "Today marks a significant milestone as OQ Exploration and Production transitions from a closed joint-stock company to a public joint-stock company. OQEP is now the third OQ Group entity to go public, following Abraj Energy Services and OQ Gas Networks, in alignment with the Oman Investment Authority's strategy to divest certain government assets. This supports economic diversification and contributes to achieving the goals of Oman Vision 2040. The step represents a major advancement for OQEP, paving the way for greater investment opportunities and expansion of operations both in Oman and internationally, while reinforcing our commitment to governance and transparency."
