FSA Approves Ratios for Subscription to OQ Basic Industries Shares

Muscat, 3 Dec (ONA) --- The Financial Services Authority (FSA) has approved allocation ratios for the subscription shares of OQ Basic Industries Corporation (OQBi). The endorsement was made in accordance with the categories mentioned in the prospectus. The subscription saw a coverage volume of RO 387 million. This reflects the confidence of local and foreign investors in the issuing company, the potential of the Omani capital market and the attractiveness of the national economy.

Results showed that the sums collected from the subscriptions exceeded the value offered for the second category of Major Individual investors, as the total sums collected amounted to more than RO 51 million, while the offered shares were covered by 1.37 times.

The sums collected for the second category of Small Investors exceeded RO 43 million, with a coverage rate of 1.15 times.

As for the first category (local and non-local institutions), the sums collected exceeded RO 235 million, with a coverage rate of 4.2 times.

Based on this data, the FSA studied all available options to determine the appropriate allocation mechanism in accordance with the methodology specified in the issuance prospectus, with the prime aim of benefiting the largest number of subscribers.

The allocation percentages of the first category, "Local Institutions", comprised 19.95% of the subscribed shares. The second category of "Individual Major Investors" constituted 72.817% of the subscribed shares, while the second category of Individual Small Investors saw the distribution of 30,000 shares (29.269% to each subscriber of the remaining shares).

The remaining stages will be completed according to the timetable specified in the prospectus. The surplus funds will be returned to the second category from 8 to 9 December. The company’s listing process on Muscat Stock Exchange (MSX) will be on 12 December, according to the date proposed in the prospectus.

--- Ends/Bishara