Oman's state energy company OQ could raise as much as 94 million rials ($244 million) from the initial public offering of its drilling unit, Abraj Energy Services, and has brought in Saudi Arabia’s sovereign wealth fund as an anchor investor.
Abraj Energy Services will sell more than 377 million shares, or about 49 per cent of its share capital, and set the offering share price between 242 baizas and 249 baizas a share, it said on Tuesday.
Retail investors will get a discounted price of 224 baizas.
The final offer price will be determined through a book-building process and is expected to be announced on or around March 6.
The company will be listed on the Muscat Stock Exchange on or about March 14, subject to it receiving regulatory approvals, it said.
Saudi Omani Investment Company, a wholly owned entity of the Public Investment Fund, Royal Court Affairs and Schlumberger Oman will be some of the anchor investors in the IPO, with a total commitment of more than 37.5 million rials accounting for 40 per cent of the total offer size.
“Since announcing our intention to float on the MSX, we are extremely pleased to have received strong interest from investors,” said Abraj chief executive Saif Al Hamhami.
“Amid robust sector fundamentals, a favourable market and with our diverse service offerings, including drilling, workover and well services, we believe that Abraj presents an attractive proposition for investors.”
Abraj has a fleet of 25 drilling rigs and five workover rigs, and controls a 29 per cent market share in Oman, the company said.
Its remit also includes well services, comprising fracturing, cementing and coiled tubing operations.
Abraj, which reported a full-year revenue of $323 million in 2021, has an order backlog of $1.5 billion for period between 2023 and 2031, it said.
Its earnings before interest, taxes, depreciation and amortisation (ebitda) margin reached 37.5 per cent in the first nine months of last year.
All the shares being sold by OQ are existing shares and the offering will be carried out in two tranches.
While institutional investors — including those around the world, except for those in the US — will be offered a maximum of 85 per cent (category one), retail investors will receive a minimum of 15 per cent of the total offering (category two).
The category one offer is expected to run from February 20 to March 2, while the category two offer will be from February 20 to March 1, the company said.
The deal is the latest in a string of IPOs from the Gulf region, where economies have benefitted from higher oil and gas prices.
Brent crude, the benchmark for two thirds of the world’s oil, was trading at slightly more than $86 a barrel on Tuesday, after falling below $30 in 2020.
In October, Arabian Drilling Company, a Saudi Arabian oilfield services company, raised $712 million from the sale of a 30 per cent stake in an IPO amid strong interest from retail investors.
Adnoc Drilling, which is majority owned by Adnoc, was listed on the Abu Dhabi Securities Exchange in 2021.
In December, shares of Saudi Aramco Base Oil Company, better known as Luberef, began trading on the Tadawul stock exchange after it raised $1.32 billion in its IPO.
While capital markets in the US and Europe have slumped amid inflation woes and fears of a looming recession, equity markets in the GCC and broader Mena region have had a flurry of IPOs.
The Mena market recorded a 500 per cent annual increase in the number of listings during the first six months of last year, with 24 IPOs raising $13.5 billion, according to an EY report.
In the second quarter of 2022, nine IPOs raised about $9 billion.
The UAE was the biggest IPO market in terms of the aggregate value of deals while Saudi Arabia led in terms of volume with five IPO deals in the first six months of last year, EY said.
Between announced and rumoured IPO plans, the GCC region is expected to float 27 to 39 companies this year, Kamco Invest said in a report last month.
Ahli Bank, EFG-Hermes UAE and the National Bank of Oman have been appointed as joint global co-ordinators while Ahli Bank and the National Bank of Oman are issue managers on the OQ IPO.
THREE
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COMPANY PROFILE
Name: Mamo Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua Based: Dubai, UAE Number of employees: 28 Sector: Financial services Investment: $9.5m Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors. Votes
Total votes: 1.8 million
Ashraf Ghani: 923,592 votes
Abdullah Abdullah: 720,841 votes
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Company%20profile
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Spec%20sheet
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In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
Saudi Cup race day
Schedule in UAE time
5pm: Mohamed Yousuf Naghi Motors Cup (Turf), 5.35pm: 1351 Cup (T), 6.10pm: Longines Turf Handicap (T), 6.45pm: Obaiya Arabian Classic for Purebred Arabians (Dirt), 7.30pm: Jockey Club Handicap (D), 8.10pm: Samba Saudi Derby (D), 8.50pm: Saudia Sprint (D), 9.40pm: Saudi Cup (D)
The years Ramadan fell in May
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
SPECS
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SPECS
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Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
The five pillars of Islam
COMPANY%20PROFILE
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The Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
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Mohammed bin Zayed Majlis
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Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
Zayed Sustainability Prize
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Tips to keep your car cool
- Place a sun reflector in your windshield when not driving
- Park in shaded or covered areas
- Add tint to windows
- Wrap your car to change the exterior colour
- Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
- Avoid leather interiors as these absorb more heat
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Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
THE BIO
Favourite place to go to in the UAE: The desert sand dunes, just after some rain
Who inspires you: Anybody with new and smart ideas, challenging questions, an open mind and a positive attitude
Where would you like to retire: Most probably in my home country, Hungary, but with frequent returns to the UAE
Favorite book: A book by Transilvanian author, Albert Wass, entitled ‘Sword and Reap’ (Kard es Kasza) - not really known internationally
Favourite subjects in school: Mathematics and science
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The specs: 2018 Mazda CX-5
Price, base / as tested: Dh89,000 / Dh130,000
Engine: 2.5-litre four-cylinder
Power: 188hp @ 6,000rpm
Torque: 251Nm @ 4,000rpm
Transmission: Six-speed automatic
Fuel consumption, combined: 7.1L / 100km
The five new places of worship
Church of South Indian Parish
St Andrew's Church Mussaffah branch
St Andrew's Church Al Ain branch
St John's Baptist Church, Ruwais
Church of the Virgin Mary and St Paul the Apostle, Ruwais
Killing of Qassem Suleimani
