Oman's OQ Gas Networks plans Muscat's biggest IPO in almost two decades (updated)

EFG Holding SAE

04/09/2023 08:35

(Includes timing, background, size)
    By Hadeel Al Sayegh
       DUBAI, Sept 4 (Reuters) - Oman's OQ Gas Networks (OQGN),
the pipelines business of state oil giant OQ, said on Monday it
plans to float up to 49% of its shares, in what is expected to
be the biggest initial public offering in the Sultanate in
almost two decades. 
    The offering, which begins this month, will provide
investors with access to growth in the company that holds a
natural monopoly over essential gas transportation in the
country, the company said in a statement. 
    OQGN is Oman's exclusive gas transportation system operator,
supplying natural gas to the country's power plants, freezones,
industrial clusters, LNG complexes and other customers. 
    The IPO could raise between $700 million and $800 million, a
source with knowledge of the matter told Reuters, which would
make it the largest since Oman Telecommunications raised 288
million rials ($748.09 million) through the sale of a 30% stake
in 2005.    
    OQGN did not immediately respond to a request for comment on
the size of the IPO.  
    Reuters first reported the IPO plans for the company last
May. 




    
($1 = 0.3850 Omani rials)

 (Reporting by Hadeel Al Sayegh, Editing by Louise Heavens and
Sharon Singleton)
 ((Hadeel.AlSayegh@thomsonreuters.com; +971566883310;))