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Oman’s Asyad Group plans to float shipping subsidiary

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Asyad Group, owned by Oman Investment Authority, has more than $4 billion in assets

Asyad Group, Oman’s national logistics company, intends to float its subsidiary, Asyad Shipping, by year-end, according to a media report.

The state-backed company has appointed Jefferies Group and EFG Hermes as advisers, Reuters reported, citing unnamed sources.

Details on the initial public offering (IPO) were not given.

Asyad Group, owned by Oman Investment Authority (OIA), has more than $4 billion in assets.  

Oman has launched a renewed part-privatisation drive with plans to float stakes in dozens of state-owned companies, following the success of similar programmes in Dubai and Abu Dhabi.

In March Abraj Energy Services, a drilling subsidiary of national oil company OQ, sold 49 percent of its shares in an IPO, raising $244 million in the country’s largest flotation since 2010.

OQ Gas Network, another OQ subsidiary, invited banks to pitch for bookrunner roles in its upcoming IPO, Reuters reported on March 27, citing unidentified sources estimating the sale could raise more than $500 million.

In addition, OIA has reportedly been mulling an IPO of its water company Majis Industrial Services.

In March 2022 the CEO of Muscat’s bourse said Oman aimed to list 35 state-owned enterprises in the following five years.

Driven by the government’s strong fiscal position, global ratings agency S&P revised its outlook on Oman to “positive” from “stable” in April.

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