Logistics Oman seeks $330m in shipping company IPO By Saleh Al-Shaibany February 19, 2025, 10:45 AM Alamy via Reuters A container ship in the port city of Muscat, Oman Asyad, Oman’s state-run shipping company, is selling shares to the public this month in an effort to raise more than $330 million to fund expansion of its container and storage facilities at the country’s ports, and grow its fleet of vessels by more than a third. Oman is also selling off state assets to reduce its debt and encourage private and foreign investment in its economy. The listing will be backed by a subsidiary of the Qatar Investment Authority, who will be one of the anchor investors. Over 1 billion shares, representing 20 percent of the company, go on sale from February 20 to 26 and are open to individual and institutional investors. The shares then will be listed on the local Muscat Security Market. Minimum subscription for institutional investors is 100,000 shares and major investors have been allocated a minimum of 81,400 shares while the minimum for individual investors is set at 1,000 shares. Oman has container ports in the southeastern cities of Salalah and Duqm on the Indian Ocean coast, and at Sohar in the Gulf of Oman. Asyad said last month that it plans to cater for increased demand for shipping services to Europe and Asia, notably Japan and South Korea. Oman’s Asyad to invest $3bn in shipping projects Contracts awarded for $3bn Oman-UAE rail network It also aims to expand its fleet by more than a third this year at a cost of $2.7 billion. Asyad was established in 2003 and is owned by Oman’s sovereign wealth fund. It operates a fleet of 89 vessels in a mix of oil, gas and cargo carriers.
