Nawras IPO opens for subscription

The IPO, Oman’s first since July 2008, is expected to value Nawras between RO456-586mn

Nawras has announced its initial public offering (IPO) for subscription. The IPO of 40 per cent of Nawras’ total share capital is open to Omani and non-Omani individuals and institutional investors. The one-month subscription will close on October 14. Following the listing of Nawras on the Muscat Securities Market on October 27, the shares will trade on the ticker ‘nwrs’.

Commenting on the IPO’s launch, Ross Cormack, the CEO of Nawras, says, “This is the moment when our customers and investors across the Sultanate and internationally will have the opportunity to share in our future through participation in our IPO. Our focus on improving communication in Oman for the past five years has seen us successfully grow our business through offering our customers pleasingly different mobile, fixed line and broadband services. Now is the right time for us to welcome new investors to participate in this true Omani success story.” The IPO, Oman’s first since July 2008, is expected to value Nawras at between RO456mn and RO586mn. The price range for the company’s shares will be set at 702 biasa to 902 biasa which includes an issue expense of 2 baisa. The IPO is expected to raise between RO182mn and RO234mn for the selling shareholders.

Cormack adds, “We are very proud of what we have achieved within only five years. None of this would have been possible without the vision of His Majesty Sultan Qaboos bin Said, the strong support of the TRA and the CMA, the loyalty of our customers, the dedication of our internal Nawras family members and the support of our shareholders. We are grateful to them all. We are delighted to be launching this IPO to enable the Omani public and investment community to get closer to Nawras.”

There are two categories of potential investors who can apply. Category one investors can apply for a minimum of 500 shares and in multiples of 100 and category two investors can apply for a minimum of 500,100 shares up to a maximum of 26,037,700 shares, or 10 per cent of the offer. Category one or retail investors will initially subscribe at the top of the price range at 902 baisas for a 100-baisa-share. Any refunds will depend on the final pricing and the final allocation of shares to investors.

The final share price will be determined on the basis of the bookbuilding process and is expected to be announced on October 24. All investors will be allotted shares at the final share price which may be lower than the subscription price for category one investors.

Copies of the IPO prospectus and an application are available at the branches of BankMuscat, National Bank of Oman, Oman Arab Bank and ahliBank. The prospectus can also be downloaded from the IPO website www.nawras-ipo.com or from the website of the Capital Markets Authority – www.cma.gov.om.

 

CMA forum looks into new prospects

The Oman Capital Markets Forum was an excellent opportunity to learn innovative practices and challenges in the stock market


The Oman Capital Markets Forum, organised by OITE Conferences, was held under the patronage of HE Yahya bin Said Al Jabri, Executive President, Capital Market Authority, on September 28 and 29. The conference which explored the opportunities to establish and develop mutual business relationships was an excellent opportunity to learn innovative practices and challenges in the stock market, discover emerging opportunities in the capital markets, exchange commercial insights and network with key stockholders.

Ahmed Al Hooti, Director of the Information and Awareness Department at Muscat Securities Market says, “we are delighted to support such initiative and are looking forward to sharing the latest updates concerning the local capital markets and at the same time, to learning from experts from around the region who will shed light on the region’s investment growth and potentials”.

The event has attracted much interest from the industry, both in terms of sponsorship, delegation and speakers, with over 150 delegates and six confirmed sponsors including National Bank of Oman, Falcom Financial Services – Oman, National Investment Funds Co, Oman Investment & Finance Co and Global Omani Development and Investment Co.

An expert panel tackled various topics related to the challenges and opportunities in Oman’s financial market. Ahmed Baabood, executive chairman, at OITE, says, “the past two years was a testing time for most senior executives. The Oman Capital Markets forum came at an appropriate time, with most recession-hit global companies edging back into growth and new opportunities appearing on the horizon.

The conference featured around more than 20 speakers from around the region including Dr Fadi Khalaf, secretary general of the Union of Arab Stock Exchanges (UASE), who delivered the key note address on ‘Arab stock exchanges throughout the difficult experience’. Other speakers include Ahmed Bin Saleh Al Marhoon, director general, Muscat Securities Market; Mustafa Baltaci, executive vice chairman, Istanbul Stock Exchange (ISE); HH Sayyid Wasfi Jamshid Al Said, deputy general manager and head of investment banking division, National Bank of Oman; Dr. Henry Azzam, chief executive officer, Deutsche Bank MENA Region; Shariq Azhar, chief executive officer, OMINVEST; Mohammed Al Barwani, chairman, MB Holdings Company; Dr P Mohamed Ali, vice chairman, Galfar Engineering & Contracting; Faisal Hasan, head of research, Global Investment House, Kuwait; Mansoor Jamal Malik, founder & managing partner, AMJ & Co; Ilyas Malik, managing director – business development, FALCOM Financial Services, KSA; Rashed Al Baloushi, deputy CEO, Abu Dhabi Securities, UAE; Tim Harvey, head of EMEA, ETF Securities Ltd; Hani Al Anani, Consultant, Muscat Securities Market; Lo’ai Bataineh, deputy general Manager - Investment & Development, Oman Arab Bank; Talal Touqan, specialist asset management trainer, Thompson Reuters; and Mayank Singh,
group editor, OER.
 

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