Oman’s Asyad Group to IPO stake of shipping unit

Oman’s state-owned Asyad Group plans to sell at least 20 per cent of its shipping unit, Asyad Shipping Co, through an initial public offering (IPO) on the Muscat stock exchange as part of the nation’s privatisation drive.

The IPO will offer 75 per cent of shares to eligible investors in Oman and qualified foreign institutions, with 30 per cent of these shares reserved for anchor investors. The remaining 25 per cent will be allocated to Omani retail investors.

Asyad Shipping, a major player in transporting liquefied natural gas, crude oil, and other products, reported a 69 per cent adjusted core profit margin for the first nine months of 2024, an improvement from 65 per cent in 2023. Dividend payments are set to begin semi-annually from September 2025.

The subscription period is expected to commence next month, pending regulatory approvals.

Attribution: Reuters

Subediting: M. S. Salama