Muscat: Sohar International, Oman’s Best Bank, and its Islamic window, Sohar Islamic, now provide investors with the opportunity to participate in the recently launched Initial Public Offering (IPO) of OQ Base Industries (OQBI). Investors can subscribe with ease through the Sohar International and Sohar Islamic Mobile Apps or through MCD E-form by visiting any of the banks’ branches.

Commenting on the bank’s role in the IPO, Mr. Abdul Wahid Al Murshidi, Chief Islamic Banking Officer, stated: “Sohar International and Sohar Islamic are proud to play a pivotal role in the OQBI IPO, a significant milestone in advancing Oman’s economic growth and the Muscat Stock Exchange. This offering underscores our continued commitment to supporting the country’s diversification objectives, in line with Oman Vision 2040. Leveraging our proven expertise in managing complex, large-scale financial transactions—demonstrated in our vital role in OQ's previous IPO—we are uniquely positioned to facilitate seamless investor participation in Oman’s vibrant capital market. We recognize that such offerings are central to fostering an inclusive and expansive investment ecosystem, attracting both local and international capital. By making these opportunities more accessible, Sohar International remains dedicated to empowering investors and contributing to Oman’s ongoing economic prosperity.”

The IPO of OQBI comprises 1.69 billion shares, representing 49% of the company’s total issued share capital. The offer price is set within a range of 106 baizas ($0.28) to 111 baizas ($0.29) per share, with the potential to raise up to OMR 188 million (approximately $490 million) at the upper end of the offered price range, valuing the company at an estimated OMR 385 million ($1 billion).

The subscription period commenced on 24 November, 2024, with institutional investors (Category I) allocated 30% of the total shares, priced through book-building process within the stated range. Retail investors (Category II), on the other hand, are offered shares at a fixed price of 111 baizas per share. Trading of the shares is anticipated to begin on the Muscat Stock Exchange (MSX) on or around 12 December, 2024, providing investors with a compelling opportunity to engage in Oman’s burgeoning industrial sector and secure a stake in one of the nation’s most transformative enterprises.

Sohar International remains steadfast in its commitment to facilitating accessible investment opportunities for both individuals and institutions. Offering unparalleled convenience, the Sohar International Mobile Banking App allows seamless subscription to the IPO. To participate in the IPO, prospective investors must first establish an investor account with Muscat Clearing and Depository (MCD). Subscriptions can then be completed effortlessly through the Sohar International or Sohar Islamic Mobile Banking apps or by visiting any of the bank’s branches during the subscription period. This efficient and customer-centric approach reflects the bank’s dedication to empowering investors with unified solutions and enhancing their overall investment experience.

OQBI, Oman’s sole integrated producer of methanol, ammonia, and liquefied petroleum gas (LPG), is a cornerstone of the nation’s industrial landscape. As a wholly owned subsidiary of OQ, Oman’s flagship energy conglomerate, OQBI occupies a pivotal position within Oman’s energy and chemicals value chain, driving economic growth and fostering industrial development. For IPO participants, this offering presents a unique opportunity to invest in a company with deep roots in Oman’s industrial sector, supported by the stability and leadership of a state-owned enterprise.

Sohar International and Sohar Islamic’s pivotal roles as the collecting agents ensures a streamlined and efficient subscription process, enabling investors to confidently participate in a landmark offering that reflects Oman’s robust growth and industrial advancement. To make the most of this exceptional opportunity to invest in a high-impact IPO, download the Sohar International and Sohar Islamic mobile banking apps today and become part of Oman’s promising economic future.

About Sohar International

With the vision to become a world-class Omani services company that helps customers, community and people to prosper and grow, Sohar International operates with a purpose to help people 'win' by delivering responsive banking for their ever-changing world, complementing their growth and prosperity with international standard service delivery. The Bank seeks to redefine banking in Oman through transformational developments centered on the principles of More Velocity, making everything simple and fast; More Value, ensuring relevance and connectivity to customers’ world; and More Vision, liberating stakeholders through talented leadership. www.soharinternational.com