OQ SAOC announced its intention to offer up to 25% of its shares in OQ Exploration and Production (OQEP) Company (under transformation) through an initial public offering (IPO), on receipt of required approval from the Financial Services Authority (FSA). Immediately following the Offering, a minimum of 75% shareholding will continue to be held by OQ. Commenting on the Intention to Float (ITF), Ashraf Hamed Al Mamari, Group CEO of OQ said, 'Today marks a significant milestone in our journey towards enhancing the value of OQ's portfolio through strategic divestments. The intention to float OQ Exploration and Production reflects our commitment to unlocking new opportunities for growth, both for the company and for the Sultanate of Oman. Together with our ultimate shareholders at the Oman Investment Authority, we continue to broaden the reach of OQ companies, offering an attractive and robust investment case to the global market. OQ Exploration and Production, with its leading position in maximising Oman's nat ural resources, underscores our focus on sustainable development and local value creation. By empowering local communities and supporting small and medium-sized enterprises (SMEs), we not only maximise local value but also contribute to the long-term economic stability of Oman.' HSBC, Natixis, OIB and Sohar International have been appointed as joint global coordinators. Sohar International has been appointed as the issue manager. Source: Oman News Agency
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