A number of state-owned companies will be listed on the Muscat Stock Exchange (MSX) this year, Mohammed bin Mahfoudh al Ardhi (pictured), Chairman of the Board of Directors of MSX, announced here on Monday.
Addressing the board’s first meeting of the year, Al Ardhi said the planned move stems from an agreement with the Oman Investment Authority (OIA), the integrated sovereign wealth fund of the Sultanate of Oman.
The proposed listing of new companies, he said, will support the levels of liquidity, increase the depth of the stock exchange and its investment attractiveness.
This is in addition to initiatives related to improving the infrastructural underpinnings of the stock market, the rollout of new investment tools, and upgrading the technological features, among other projects, to improve the market’s performance in all aspects ahead of the transformation of the stock exchange into a public joint stock company.
Following the constitution of the new board in April last year, the MSX had worked with all relevant stakeholders to overcome obstacles and transform challenges into opportunities that would enhance the position of the stock exchange on the investment map and meet aspirations and ambitions and achieve the desired goals, said Al Ardhi.
A new five-year strategy adopted by the Board at the meeting affirms a commitment to support the development of the national economy, enhance the attractiveness of the stock exchange, upgrade financial technology, improve the commercial performance of the stock exchange, and develop its overall infrastructure and support system.
A key goal is to upgrade the stock exchange into a leading player that garners favourable ratings from international rating agencies. To achieve this goal, work will be done to raise the liquidity of listed shares, raise market values, and focus on facilitating the entry of foreign investments and activating some trading features such as short selling, lending and borrowing of securities, and other initiatives that enable the Stock Exchange to be featured on global indices.
