Oman energy firm OQ SAOC intends to sell 49% of its oil drilling unit Abraj Energy Services SAOC in an initial public offering, the company confirmed in a statement.
“We believe the company’s future is very bright, not least because it is already prequalified in four countries to conduct a range of services, setting the stage for international expansion geared towards delivering growth and shareholder value,” CEO Saif Al Hamhami stated.
According to the company, the subscription period will begin in February while the shares are expected to start trading on the Muscat Stock Exchange in March. According to a report by Bloomberg, the IPO is expected to raise up to $500 million.
The plan to go public is part of Oman’s greater strategy to diversify its economy and open its stock market to more international investors, thereby following the example of the United Arab Emirates and Saudi Arabia.
The Oman Investment Authority stated in December that it is planning to raise a total of $1.3 billion by way of its exit strategy, which includes exiting investments in eight sectors in 2023, including those such as aviation, communications, information technology, and tourism.