Tuesday 01 / October / 2024
OQEP hosted an IPO roadshow in the Wilayat of Nizwa in partnership with the Oman Chamber of Commerce and Industry (OCCI) in Al Dakhiliyah Governorate. The event aimed to introduce the IPO of the shares, the target audience, and the company's capabilities, the largest oil producer in Oman. Additionally, the roadshow attracted a diverse audience of citizens and businessmen.
Eng. Ahmed bin Said Al Azkawi, the CEO of OQEP, delivered a comprehensive overview of the IPO and its role in economic development, framing it as a pivotal step in the government's pursuit of economic openness, in alignment with Oman Vision 2040.
Al Azkawi highlighted that OQEP, an OQ Group affiliate under the OIA, is committed to fostering community partnerships through this IPO, inviting investors to shape the company's future and become integral stakeholders.
Saif bin Nasser Al Taiwani, a member of the OCCI's Board of Directors and Head of the Chamber's Al Dakhiliyah branch, emphasized the significance of IPOs in expanding national investments.
Al Taiwani emphasized that these initiatives integrate citizens into the economic fabric and grants them an active role in the management of government entities.
Al Taiwani encouraged citizens and residents to take part in OQEP's offerings to enhance their savings through investment options that promise guaranteed and rewarding returns, emphasizing the company's distinguished performance and the potential for rewarding returns on investments.
Engineer Mahmoud bin Abdullah Al Hashimi, the Chief Operating Officer of OQEP, showcased the company's capabilities and works, and its pivotal role within OQ Group as a global energy sector leader.
Al Hashimi highlighted that since its inception in 2009, OQEP has significantly contributed to bolstering the national economy by optimizing the utilization of natural resources in the Sultanate of Oman. Notably, the 655 employees engaged in exploration, drilling, and oil and gas extraction in the Sultanate of Oman have effectively multiplied production by 14 times up to 2023. Furthermore, they have prioritized the establishment of enduring partnerships. The company's endeavours align closely with Oman Vision 2040, demonstrating a strong commitment to fostering economic growth.
During his presentation, Jaber bin Rashid Al Naamani, the Chief Financial Officer of OQEP, emphasized that this offering adheres to Islamic Sharia principles, citing validation from the Sohar Islamic statement. This affirmation is rooted in Sharia standards set forth by the Accounting and Auditing Organization for Islamic Financial Institutions.
The offering comprises two billion shares categorized for different investors. The first category, totalling 800K shares, is open to local and foreign institutions, representing 40% of OQEP offering. This tranche is available for Omani companies and institutions to subscribe to with a minimum of 100K shares and without a maximum subscription limit for shares. The IPO of shares in this category will end on October 10.
The second category, divided into two tranches for small and large individual investors, amounting to 400K shares each, representing 20 percent of the shares. An additional category caters to major investors from government agencies and Omani companies, with 400K shares on offer, representing 20 percent of the shares.
Following the presentations, attendees engaged in a Q&A session with company officials.
