OQ Base Industries, Oman’s only integrated producer of methanol, ammonia, and LPG products, today (December 15) completed its listing on the Muscat Stock Exchange.

 

The bell ringing ceremony on the trading floor at the MSX commenced the listing and trading of OQBI’s shares under the ticker symbol OQBI, said the Omani group in a statement.

 

The success of the IPO reflects the strength of OQBI’s value proposition and its commitment to advancing Oman’s economic objectives by attracting investment and positioning the Muscat Stock Exchange as a compelling destination for global investors, it stated. 

 

OQBI shares started trading following an Offering of a total of 1.69 billion ordinary shares to investors, representing 49% of the company’s share capital. 

 

With a market capitalisation of RO384 million (equivalent to $1 billion), the IPO marks a critical step for OQ Group and Oman as it continues its upward trajectory in attracting investment to the sultanate as part of its diversification efforts, said the statement.

 

Ali Al Lawati, Chairman at OQBI, said: "Today marks an important milestone as OQ Base Industries transitions from a private to a publicly listed company. The IPO is the culmination of the hard work and dedication of our exceptional team, and it reflects the deep strategic value that OQBI holds within Oman and beyond."

 

"Our investors’ endorsements fuel our mission to drive sustainable growth and deliver innovative excellence in our field. As we embark on this new journey, OQ Base Industries remains committed to creating enduring value for all," he noted.

 

Khalid Al Asmi, Chief Executive Officer at OQBI, said: "We are proud to have successfully delivered on this IPO. Its success reflects strong investor confidence in our diversified portfolio and strategically positioned assets. We have demonstrated to investors that OQ Base Industries exemplifies operational excellence and strategic innovation."

 

"Our business model is supported by Oman’s strategic advantages, including a stable industrial environment and an advantageous position within a thriving economic framework, as outlined by Oman’s Vision 2040," he noted.

 

Haitham Al Salmi, CEO of Muscat Stock Exchange, said: "The listing of OQ Base Industries marks the second listing by the OQ Group this year, serving as a qualitative addition to the companies listed in the industrial sector. The company is one of the most prominent industrial entities in the sultanate of Oman, playing a significant role in the basic industries sector."

 

"With this listing, the market capitalisation of the exchange increases to approximately OMR 27.532 billion. This listing is part of the ongoing efforts of the Oman Investment Authority to enhance private sector participation, in line with the objectives of Oman Vision 2040," stated Al Salmi. 

 

"It further strengthens the sultanate’s position as an investment destination, supports economic diversification, and empowers the Muscat Stock Exchange to attract investment opportunities," he added.-TradeArabia News Service