Asyad Shipping successfully lists on Muscat Stock Exchange
Muscat: Asyad Shipping Company, one of the world's largest diversified maritime providers and a global leader in deep-sea transportation, on Wednesday successfully listed on the Muscat Stock Exchange (MSX) following the completion of its IPO. The company raised OMR128.1 million (equivalent to USD 332.8 million) from domestic and international investors.
The bell ringing ceremony took place at this morning at the MSX, with trading of Asyad Shipping's shares commencing under the ticker symbol 'ASCO'.
A total of 1,041,748,856 ordinary shares were offered to investors, representing 20% of the Company's total issued share capital. The offer price was set at 123 baisas per share, with Asyad Shipping's market capitalization at approximately OMR641 million ($1.66 billion).
Commenting on this exceptional event in the journey of Asyad Shipping, Dr. Ibrahim bin Bakhit Al Nadhairi, CEO of Asyad Shipping, said: 'I am incredibly proud to see Asyad Shipping list on Muscat Stock Exchange. Since our establishment in 2003, our journey has been marked by sustainable growth and global expansion and we have successfully built one of the world's largest diversified shipping companies, leveraging Asyad Group's advanced infrastructure. As we look towards the future as a public company, we remain committed to supporting Oman's economic development, expanding our global operations, and creating value for our investors and partners by continuously seeking out new growth opportunities.'
Asyad Shipping's public listing on the MSX allows domestic and international investors to invest in one of the world's largest diversified maritime shipping companies and a key player in the Omani economy.
Commenting on the listing, Haitham bin Salim Al Salmi, CEO of Muscat Stock Exchange, said: 'The listing of Asyad Shipping, a subsidiary of Asyad Group, on the Muscat Stock Exchange is an important step towards reinforcing the Exchange's position and opens new investment opportunities in the diversified maritime transport and shipping industry. Asyad Shipping is the first company that lists on the MSX this year, a valuable addition to the logistics sector on the Exchange'.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Observer
11 hours ago
- Observer
MoC inked to fund employment programme
MUSCAT: The Ministry of Labour (MoL) on Wednesday signed a memorandum of cooperation (MoC) with 'Security and Safety Services Corporation' to the tune of RO 1,207,300 to provide employment-linked training for 923 Omani job-seekers. The MoC was signed by Sayyid Salim bin Musallam al Busaidy, Under-Secretary of the Ministry of Labour for Human Resources Development, and Said bin Sulaiman al Asmi, CEO of Security and Safety Services Corporation. The MoC explores suitable job vacancies for the job-seekers, identify necessary skills, supervise the performance of the trainees, check their dedication to quality standards and assess the extent to which they gain insights from the training programme. The MoC stipulates the preparation of periodic reports to measure the success of the project, monitor common challenges and propose development plans. It provides training for Omani job-seekers in the field of fisheries-related security, safety and control, and equipping them with the skills necessary to perform their job duties. — ONA
Observer
12 hours ago
- Observer
Oman a prime location for e-ammonia production: Yamna
MUSCAT: The Sultanate of Oman's potential to become a regional powerhouse in e-ammonia production has been reaffirmed by a top executive at Yamna, a clean energy investment firm collaborating with major international players to develop a gigawatt-scale green hydrogen project in Dhofar Governorate. Abdelaziz Yatribi, CEO of UK-based Yamna, stated in a recent interview that Oman's natural, infrastructural, geostrategic, and regulatory advantages make it an ideal destination for e-ammonia investment. 'Oman offers exceptional solar and wind resources, resulting in one of the lowest levelised costs of electricity (LCOE) – a critical factor in green hydrogen and ammonia production. Additionally, the Omani government's proactive approach, particularly through Hydrogen Oman (Hydrom), provides a supportive framework for green hydrogen and its derivative projects,' Yatribi said in an interview featured in an in-house report of Eiffel Investment Group, a leading European third-party asset manager. Last year, Yamna, along with consortium partners EDF Group and J-POWER, was awarded a 341 km² land block in Dhofar Governorate to develop, build, own, and operate a large-scale green ammonia project with an annual production capacity of 1 million tonnes. The project will integrate approximately 4.5 GW of renewable energy capacity and a 2.5 GW electrolyser, supplying hydrogen to an ammonia plant to be established in the Salalah Free Zone. Yamna's strategy, according to Yatribi, centres on producing the world's most cost-competitive green molecules – hydrogen and ammonia – in locations where renewable resources are both abundant and economical. 'Ammonia serves as an efficient carrier for hydrogen, facilitating its transport to global markets. It is a well-established commodity with over a century of production and transportation history, which significantly reduces technology and infrastructure risks. By leveraging existing ammonia infrastructure, we can accelerate the global deployment of green hydrogen solutions, particularly in markets with decarbonisation imperatives and limited domestic access to competitively priced green molecules,' he explained. Traditionally used in fertilizer production and industrial processes, the demand for e-ammonia is expected to grow substantially over the next 5 to 10 years, Yatribi noted. This growth will also be driven by its emerging role as a hydrogen carrier and low-carbon maritime fuel. In countries like Japan and South Korea, government-backed initiatives support the use of e-ammonia in power generation and industrial applications. Likewise, increasing interest in ammonia as a marine fuel is prompting the development of stringent safety protocols, supported by successful bunkering trials and forthcoming guidelines from the International Maritime Organisation (IMO), he added. Yatribi also emphasised Yamna's commitment to delivering a global portfolio of export-oriented e-ammonia projects, currently planned in Brazil, India, Morocco, and Oman. 'We envision e-ammonia playing a central role in the global energy transition. Beyond replacing fossil-based ammonia in traditional uses, e-ammonia will serve as a key enabler for decarbonising hard-to-abate sectors, including power generation and maritime shipping,' he said, adding: 'With continued technological innovation and supportive policies, we believe e-ammonia will become a cornerstone of a sustainable, low-carbon future.'
Observer
12 hours ago
- Observer
Tender floated for commercial hub in EZAD Square
MUSCAT: The Public Authority for Special Economic Zones and Free Zones (OPAZ) announced on Wednesday the launch of a tender for the construction of the administrative and commercial buildings complex in the Economic Zone at Al Dhahirah EZAD Square, IP4. The Authority invited experienced Omani-Saudi consortiums to submit bids via the electronic tendering platform 'Esnad.' The deadline for purchasing tender documents is set for June 26, with a site visit scheduled for June 30. The final date for submitting bids is August 11, 2025. The tender includes the construction of the main square of the Al Dhahirah Integrated Economic Zone, a business centre, an administrative building, a commercial centre, as well as a hotel and a health centre. The scope of work includes the execution of civil works, electrical and mechanical systems, and steel structures for the buildings. It also covers external works such as the construction of internal roads, sewage networks, water and irrigation systems, and landscaping. The total land area allocated for the complex is approximately 50,000 square metres, with the first phase covering a built-up area of around 17,000 square metres and the potential to expand to 38,000 square metres. Eng. Ibrahim Yousuf Al Zadjali, EZAD Project Manager, affirmed that smart city principles have been considered in the design of the facilities. The buildings have also been designed in line with the requirements for obtaining LEED (Leadership in Energy and Environmental Design) green building certification, which will be implemented by the consortium awarded the tender. Al Dhahirah Integrated Economic Zone is located 20 kilometres from the Empty Quarter border crossing between the Sultanate of Oman and the Kingdom of Saudi Arabia, with a total area of 388 square kilometres.
