Capital Market Authority approves the prospectus for shares of Abraj Energy Services through public Offering

The Capital Market Authority (CMA) approved the prospectus for shares of Abraj Energy Services S.A.O.C (under conversion) on offering 337.398 million shares through public offering by parallel tranche process; as the shares offering will be by book-building process that will offer the total number of shares with price band between 242 to 249 baisa for each share.  Additionally, 15-35% as a maximum will be offered as fixed priced shares, as each share will cost 224; which is the maximum limit of the price band minus 10%.  The offered shares represent 49% of the company’s capital.  The CMA specified the appointment for the first category offering (book-building) to commence from 20^th of February up until 2^nd of March.  As for the second category (fixed- priced shares), the offering will commence from 20^th of February up until 1^st of March. 

Abraj Energy Services Company, through this offering, seeks to utilize the financing advantages provided by the capital market to finance its investment projects and activities.  Share offering is considered as one of the effective investment instruments in the Omani Market after the approval of the Securities Law last year. This Law endeavors to regulate the securities market towards achieving an effective protection for the dealing parties; and it is considered to be resilient enough to attract investment initiatives from the issuing institutions together with national and foreigner capital owners, to be employed in various investment sectors.

Such initiatives, particularly if taken by national company, contribute to expanding investment activities which avail the company to have the capacity for tremendous projects, hence contributing effectively in providing job opportunities to national cadres and adding value, whether directly or indirectly, to the national economy.