Bank Muscat Provides Financing Solutions for Retail and Institutional Investors Subscribing to the OQEN Initial Public Offering (IPO)
Offered to individual and corporate investors
Continuing its series of achievements in the capital market sector through successful investment transactions, Bank Muscat, the leading financial services provider in the Sultanate of Oman, is pleased to offer financing solutions to individual and non-individual (institutional) investors interested in subscribing to the Initial Public Offering (IPO) of OQ Exploration and Production (OQEP). OQEP is the largest entity specialized in oil and gas exploration and production and it is a subsidiary of OQ Group, the integrated global energy group in the Sultanate. Bank Muscat is acting as the official collecting bank for the IPO, which is the largest IPO in the country’s history.
To contribute to the success of the offering, the Bank is providing 1:1 financing to its customers who wish to subscribe to the offering with a minimum financing amount of OMR 1,000 per investor and a maximum financing limit of OMR 100,000 per investor through the Bank’s Mobile Banking and Internet Banking platforms. Customers requesting for higher financing amounts in excess of OMR 100,000 OMR may approach Bank Muscat’s nearest branch and discuss their specific requirements with the Bank’s branch team. There is no interest or prepayment charges payable by the individual customers when the financing amount is fully repaid to the Bank at the time of processing of refund of excess amount of subscription from Muscat Clearing and Depository (MCD). Individual investors interested in subscribing to the IPO also have the option of preparing a pre-filled application form on Muscat Clearing & Depository website and visiting any of the Bank’s over 186 branches across the Sultanate for payment.
On this occasion, Abdulnasir Al Raisi, General Manager, Personal Banking, Bank Muscat, said: “We take pride in collaborating with OQ Exploration and Production as the collecting bank for their IPO, which is the largest offerings in the market ever. Investors wishing to benefit from the subscription process can apply for financing facilities which the Bank offers to both individual and non-individual investors aiming to meet their needs. Bank Muscat is committed to providing continuous support to enhance market performance by offering a range of integrated banking products and solutions.”
OQ Exploration and Production has announced the offering of 25% of its issued capital for subscription, equivalent to 2,000,000,000 shares at a maximum price of 390 Baisa per share. The subscription period for the individual investors commenced on 30th September 2024 and will end on 9th October 2024, whereas the subscription period for non-individual investors spans from 30th September to 10th October. The price range for institutional investors has been set between 370 Baisa and 390 Baisa per share. The price for Omani individuals will be a discounted maximum price of 351 Baisa per share. This pricing includes a 10% discount on the highest price of 390 Baisa to encourage investors to participate in such offering and take advantage of investment opportunities available in the Sultanate. The subscription price for non-Omani individuals will be a maximum price of 390 Baisa per offer share. Before participating in the IPO, investors should refer to the respective Prospectus approved by the Financial Services Authority and which available on the its website at https://oqep.om/files/OQEP_IPO_Prospectus_Eng.pdf.
Please visit Bank Muscat website OQEN IPO (bankmuscat.com) for full details about the terms of financing offered by Bank Muscat for OQEP IPO. Non-individual (institutional) customers interested in availing IPO financing may reach the respective relationship managers at Bank Muscat and discuss appropriate financing options as per their requirements.
Confirming its leadership and excellence in the banking sector in the Sultanate, Bank Muscat has recently been recognized with several local, regional, and international awards from prestigious institutions. During the past period, the Bank won the Best Digital Bank for Corporates in Oman Award at the Global Finance Digital Banking Awards, the Best Retail Bank in Oman Award from “MEED,” and the Best Corporate Bank Award from Oman Economic Review (OER).
