Oman’s Al-Maha Petroleum Products Marketing Company’s initial public offering (IPO) will be on the market by next month, according to local media sources. The government plans to divest its entire 65 percent stake in the company.
Last year, Al-Maha signed an agreement with the Ministry of Finance, confirming the divestment program. The Sultanate has commissioned the nation’s Al-Mawarid Securities Company to lead and manage the IPO. The issue price was not mentioned.
Al-Maha is the marketing arm of Oman Refinery Company (ORC). Its only other shareholder is Abu Dhabi’s ABS Lubricants, holding a 35 percent stake in the company’s equity. The company will become a public firm once the financial services company completes the valuation process. Its shares will be listed on the Muscat Securities Market.
Established in 1982 with an initial throughput capacity of 50,000 barrels per day, the refinery was designed to meet domestic demand for petroleum products. Operated by ORC, the plant produces liquefied petroleum gas (LPG), butane, jet fuel, and two grades of gasoline. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
