MUSCAT -- The Public Offer of Omantel shares to Omani individuals, which is the second phase in the Government's divestment plan, has generated wide spread interest, participation and gathered momentum in the penultimate week of the offer period. There seems to be a big rush at the Muscat Depository (MCDC) for new MSM folio numbers from new prospective investors, as well as existing holders of MSM folio numbers rushing to open new accounts for their family members. Bank Muscat, which is the Financial Advisor to the Government and also the Lead Manager to the Public Offer, expressed their satisfaction with initial feedback received to the Public Offer, after the successful completion of Phase I under which the Private Placement was oversubscribed 1.99 times.
Given that only about 50 per cent of the appetite of high-networth Omani Individuals and Institutions was satisfied under the Private Placement phase, it was expected that post listing of the Public Offer, there will be a strong demand for Omantel shares on the MSM from these Omani investors, in addition to the non-Omani investors who have not been part of the Government's current Omantel Divestment process. Omantel's share price on the MSM even after the announcement of the Public Offer has remained solid at around RO 1.500 per share, which should give the potential Omani retail investor considerable confidence on the future prospects for these shares. Leading brokerages have also given attractive valuations.
Application forms are available at all the leading banks in Oman to enable investors to take full advantage of the opportunity to invest in a profitable and growing company at attractive valuations. A note to all investors (Applicant's number with MCDC): Any Applicant who subscribes for Offer Shares must have an account and Investor Number with the MCDC. Any applicant may apply to obtain an Investor Number and open an account by completing the MCDC application form. This may be obtained from the MCDC's Head Office or its website at www.csdoman.co.om, or from any of brokerage companies licensed by the MSM.
© Oman Daily Observer 2014
