Oman’s state-owned OQ Base Industries (OQBI) is aiming to pay dividends worth OMR 32.7 million ($85 million).

The dividends will be distributed in two phases, with the first payment for the first nine months of the year, amounting to OMR 24.5 million, scheduled to be released in January 2025.

The remaining OMR 8.2 million dividend for the last three months of 2024 will be paid by April 2025.

The company also aims for two dividend payments each year after its share offering.

For December 2025 to December 2026, the payout will be a minimum of 5% increase on the dividend paid for the previous year, and for December 2027 and onwards, the company is expected to distribute any cash not allocated for investment or merger and acquisition, as well as general corporate purposes.

Oman’s only wholly state-owned methanol, ammonia and LPG products company is offering 49% of its total issued share capital in an initial public offering (IPO) that kicked off on November 24 on the Muscat Stock Exchange.

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com