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Jun 06 2012

MCD gets account boost on initial public offerings

By Gulam Ali Khan Muscat Clearing and Depository Company (MCD) has processed as many as 13,141 new accounts in the first five months of this year, with Bank Nizwa's initial public offering (IPO) being a key driver behind the high number of new accounts.

As per market regulations, it is mandatory for new investors to open an account with MCD before initiating trading on the Muscat Securities Market (MSM) or for participating in an IPO in Oman.

Speaking to Muscat Daily, Abdullah Hilal al Shidhani, deputy general manager at MCD, said that most of the new investors opened accounts in order to participate in the IPOs like Bank Nizwa's and others expected in 2012.

He said, "Most of the new accounts have been opened by individuals as compared to institutions."

© Muscat Daily 2012

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