Oman’s Asyad Group plans to float Asyad Shipping
The state-backed company has engaged Jefferies Group and EFG Hermes as advisers
Dubai: Oman's national logistics company, Asyad Group plans to launch its subsidiary, Asyad Shipping, for an initial public offering (IPO) by the end of the year, according to a media report.
The state-backed company has engaged Jefferies Group and EFG Hermes as advisers, according to Reuters.
Specific details regarding the IPO were not disclosed. Asyad Group, owned by Oman Investment Authority (OIA), boasts assets exceeding $4 billion (Dh14.6 billion).
Oman has initiated a renewed drive for partial privatisation, aiming to float shares in numerous state-owned enterprises, drawing inspiration from successful programs in Dubai and Abu Dhabi.
In March, Abraj Energy Services, a drilling subsidiary of national oil company OQ, raised $244 million (Dh896 million) by selling 49 per cent of its shares in Oman's largest flotation since 2010.
Another OQ subsidiary, OQ Gas Network, is reportedly preparing for an IPO that could surpass $500 million (Dh1.8 billion), as banks vie for bookrunner roles.
OIA is reportedly contemplating an IPO for its water company, Majis Industrial Services. In March 2022, the CEO of Muscat's stock exchange indicated Oman's goal to list 35 state-owned enterprises within the next five years.