Shaima Hefzy

The shares of OQ Gas Networks Company (OQ), the exclusive operator of the gas transmission network in the Sultanate of Oman - Oman, rose on the first day of trading on the Muscat Stock Exchange, Tuesday, by about 10% to 154 baisas, from the subscription price of 140 baisas.

The company offered 49% of its capital, and this deal is considered the largest of its kind in the Omani market, at a time when the government is seeking to diversify the economy and divest from government assets to increase the private sector’s contribution to the economy.

OQ Gas Networks is a unit of the Oman State Energy Company (OQ), and the company has a natural monopoly over the basic gas transportation infrastructure in Oman.

The Saudi Omani Investment Company (wholly owned by the Saudi Public Investment Fund), Falcon Investments (one of the companies of the Qatar Investment Authority, the sovereign wealth fund of the State of Qatar), and Fluxys International SA/NV obtained 10% of the offering shares, and together they constitute the main investors for this offering, according to a statement. From EFG Hermes, the offering advisor .

(Prepared by: Shaima Hefzy, contact: zawya.arabic@lseg.com)

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