Asyad Group Seeks Up To $333 Million in Oman IPO - Bloomberg
A conglomerate backed by Oman’s sovereign wealth fund is set to raise as much as OMR128.1 million ($332.7 million) from the initial public offering of its shipping business.
Asyad Group SAOC will sell a 20% stake in the unit, or about 1.04 billion shares, between 117 baisas and 123 baisas apiece, according to a statement on Tuesday. Asyad Shipping Co. will be valued at $1.66 billion at the top end of that range.
The offering has attracted anchor investors, with Mars Development and Investment LLC committing to subscribe for 10% of the offering, and Falcon Investments LLC — a subsidiary of the Qatar Investment Authority — committing to 20% of the deal, at 123 baisas per share.
Shares are expected to start trading in Muscat on March 12.
Oman plans to divest 30 state-backed assets as part of plans to deepen its capital markets, including power utility Oman Electricity Transmission Co. Last year, IPO volumes in Muscat surpassed London’s after raising a record $2.5 billion with the listings of two units of state-owned energy firm OQ SAOC.
But recent Omani listings have seen lackluster returns, and analysts say Asyad’s plans to take the shipping unit public will test the sultanate’s ability to deliver on its wide-ranging privatization program. The Asyad Group has over $4.1 billion in assets and interests across maritime services, ports and free zones, logistics and public services.
Established in 2003, Asyad Shipping operates a fleet of 89 vessels serving over 60 countries.
Sohar International Bank is the issue manager, while JPMorgan Chase & Co, Jefferies Financial Group Inc., EFG Hermes and Oman Investment Bank are among the joint global coordinators. Credit Agricole SA and Societe Generale will be the joint bookrunners for the issue.
Tuesday, 18 February 2025
Most Gulf markets rebound from US tariff fears | Reuters
Most Gulf markets rebound from US tariff fears | Reuters
Most stock markets in the Gulf ended higher on Tuesday, rebounding from falls triggered by ongoing uncertainty surrounding U.S. President Donald Trump's plans for tariffs on imports.
Since taking office last month, Trump has imposed a 10% tariff on imports from China, and announced plans for 25% tariffs on goods from Mexico and non-energy imports from Canada, although these have been delayed.
Additionally, he has set a date for 25% tariffs on imported steel and aluminium, and is considering reciprocal tariffs on countries that tax U.S. imports.
Saudi Arabia's benchmark index (.TASI), opens new tab gained 0.6%, led by a 4.3% jump in the country's biggest lender Saudi National Bank (1180.SE), opens new tab.
Among other gainers, Mobile Telecommunications Company (7030.SE), opens new tab advanced 5.1%. Despite reporting a fall in annual profit, the telecom operator maintained its full-year cash dividend of 0.50 riyals per share.
The market appears poised to keep rising, supported by robust fourth-quarter results, although external factors continue to influence investor sentiment as recently observed, said Joseph Dahrieh, Managing Principal at Tickmill.
Dubai's main share index (.DFMGI), opens new tab fell 0.2%, with toll operator Salik Company (SALIK.DU), opens new tab sliding more than 5%, snapping a four-session winning streak.
Last week, Salik reported a net profit of 1.16 billion dirhams ($315.84 million) for 2024, up from 1.10 billion dirhams a year earlier.
Budget airliner Air Arabia (AIRA.DU), opens new tab retreated 1.5%, on profit-taking following three sessions of gains.
In Abu Dhabi, the index (.FTFADGI), opens new tab rose 0.7%.
According to Dahrieh, Tuesday's higher oil prices provided modest support.
A catalyst for the Gulf's financial markets, international oil prices extended gains after a drone attack on an oil pipeline pumping station in Russia reduced flows from Kazakhstan, though prices were checked by the prospect of rising supply.
to which neither Ukrainians nor European officials have been invited.
The Qatari index (.QSI), opens new tab finished 0.3% higher, ahead of more earnings announcement this week, with the Gulf's biggest lender Qatar National Bank (QNBK.QA), opens new tab rising 0.7%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab added 0.3%.
Egypt's central bank is likely to keep interest rates steady on February 20, awaiting a clearer drop in inflation before considering cuts, a poll of 10 economists and analysts showed.
Most stock markets in the Gulf ended higher on Tuesday, rebounding from falls triggered by ongoing uncertainty surrounding U.S. President Donald Trump's plans for tariffs on imports.
Since taking office last month, Trump has imposed a 10% tariff on imports from China, and announced plans for 25% tariffs on goods from Mexico and non-energy imports from Canada, although these have been delayed.
Additionally, he has set a date for 25% tariffs on imported steel and aluminium, and is considering reciprocal tariffs on countries that tax U.S. imports.
Saudi Arabia's benchmark index (.TASI), opens new tab gained 0.6%, led by a 4.3% jump in the country's biggest lender Saudi National Bank (1180.SE), opens new tab.
Among other gainers, Mobile Telecommunications Company (7030.SE), opens new tab advanced 5.1%. Despite reporting a fall in annual profit, the telecom operator maintained its full-year cash dividend of 0.50 riyals per share.
The market appears poised to keep rising, supported by robust fourth-quarter results, although external factors continue to influence investor sentiment as recently observed, said Joseph Dahrieh, Managing Principal at Tickmill.
Dubai's main share index (.DFMGI), opens new tab fell 0.2%, with toll operator Salik Company (SALIK.DU), opens new tab sliding more than 5%, snapping a four-session winning streak.
Last week, Salik reported a net profit of 1.16 billion dirhams ($315.84 million) for 2024, up from 1.10 billion dirhams a year earlier.
Budget airliner Air Arabia (AIRA.DU), opens new tab retreated 1.5%, on profit-taking following three sessions of gains.
In Abu Dhabi, the index (.FTFADGI), opens new tab rose 0.7%.
According to Dahrieh, Tuesday's higher oil prices provided modest support.
A catalyst for the Gulf's financial markets, international oil prices extended gains after a drone attack on an oil pipeline pumping station in Russia reduced flows from Kazakhstan, though prices were checked by the prospect of rising supply.
to which neither Ukrainians nor European officials have been invited.
The Qatari index (.QSI), opens new tab finished 0.3% higher, ahead of more earnings announcement this week, with the Gulf's biggest lender Qatar National Bank (QNBK.QA), opens new tab rising 0.7%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab added 0.3%.
Egypt's central bank is likely to keep interest rates steady on February 20, awaiting a clearer drop in inflation before considering cuts, a poll of 10 economists and analysts showed.
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