19 March 2014
Muscat: Omantel's offering of its shares will improve the liquidity as well as the market sentiment, Abdullah Salem Al Salmi, executive president of Capital Market Authority (CMA), said.
"This initial public offering (IPO) will add to the liquidity in the market, and we look forward to more similar major IPOs," Al Salmi told 'Times Business' on the sidelines of Oman Economic Forum, which opened here yesterday.
Omantel has offered 142.5 million shares or 19 per cent of government ownership in the company. This will reduce government ownership to 51 per cent from 70 per cent now.
Upon successful completion of the private placement, the public issue of 71.25 million shares, which is envisaged as the second phase of the divestment process, is expected to be opened for Omani individuals by the end of March.
Commenting on the performance of the capital market, Al Salmi said that it's all up to the government and the private sector to finance projects to come through the capital market instead of depending on banks which provide only short-term finance while the capital market provides long-term finance.
"We look forward to the capital market establishing its base in the national economy," he added.
Muscat: Omantel's offering of its shares will improve the liquidity as well as the market sentiment, Abdullah Salem Al Salmi, executive president of Capital Market Authority (CMA), said.
"This initial public offering (IPO) will add to the liquidity in the market, and we look forward to more similar major IPOs," Al Salmi told 'Times Business' on the sidelines of Oman Economic Forum, which opened here yesterday.
Omantel has offered 142.5 million shares or 19 per cent of government ownership in the company. This will reduce government ownership to 51 per cent from 70 per cent now.
Upon successful completion of the private placement, the public issue of 71.25 million shares, which is envisaged as the second phase of the divestment process, is expected to be opened for Omani individuals by the end of March.
Commenting on the performance of the capital market, Al Salmi said that it's all up to the government and the private sector to finance projects to come through the capital market instead of depending on banks which provide only short-term finance while the capital market provides long-term finance.
"We look forward to the capital market establishing its base in the national economy," he added.
© Times of Oman 2014
