Omani energy firm OQ SAOC plans to sell a 49% stake in its gas pipelines unit in a domestic initial public offering which could be the Gulf country’s biggest on record.
OQ will offer the stake in OQ Gas Networks SAOG through Oman Energy Trading Company Limited and Oman Oil Services Limited, according to a statement on Monday. The share sale could raise as much as $800 million, Bloomberg News has reported, which would make it a contender for Oman’s largest listing ever. Trading in OQGN’s shares is expected to start in October.
OQGN is set to be the second IPO in Oman’s privatization program that’s aimed at boosting state coffers and expanding its bourse, similar to listing drives in Saudi Arabia and the United Arab Emirates which have raised billions of dollars in the last couple of years.
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