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Asyad Shipping shares steady on market debut after RO128mn IPO
Asyad Shipping shares steady on market debut after RO128mn IPO

Muscat Daily

time12-03-2025

  • Business
  • Muscat Daily

Asyad Shipping shares steady on market debut after RO128mn IPO

Muscat – Asyad Shipping Company, one of the world's largest diversified maritime providers and a global leader in deep-sea transportation, successfully listed on the Muscat Stock Exchange (MSX) on Wednesday following the completion of its initial public offering (IPO). Shares of Asyad Shipping closed unchanged on their debut on the MSX on Wednesday, following the company's RO128.1mn IPO. Shares opened at 123bz per share on the first day of trading, matching the IPO offer price. The shares closed at the same level – 123bz – at the top of the IPO price range. More than 19mn Asyad Shipping shares were traded on the first day of trading, with total turnover reaching RO2.356mn, according to MSX data. The bell-ringing ceremony took place at 10:00 am on Wednesday morning at the MSX, with trading of Asyad Shipping's shares commencing under the ticker symbol ASCO. Through the IPO, 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 123bz per share, with Asyad Shipping's market capitalisation at approximately RO641mn. Asyad Shipping has established a robust dividend policy, demonstrating its commitment to shareholder returns. The company intends to declare a dividend of approximately RO22.3mn, payable in March 2025, and a further dividend of approximately RO29mn, payable in September 2025. Looking ahead, based on projected performance for the year ending December 31, 2025, the company expects to declare a dividend of approximately RO29mn, payable in March 2026. Commenting on the company's listing on the MSX, Dr Ibrahim bin Bakhit al Nadhairi, CEO of Asyad Shipping, said, 'I am incredibly proud to see Asyad Shipping list on the 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. Haitham Salim al Salmi, CEO of the Muscat Stock Exchange, said, 'The listing of Asyad Shipping 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 to list on the MSX this year, a valuable addition to the logistics sector on the exchange. This listing elevates the market capitalisation of the MSX to approximately RO27.831bn, and the company will be one of the ten largest listed companies on the exchange.' 'Asyad Shipping's listing is aligned with the Oman Investment Authority's strategy to divest from some government assets, to support economic diversification efforts and achieve the objectives of Oman Vision 2040,' he added. Asyad Shipping is one of the world's largest diversified maritime providers and a global leader in deep-sea transportation, with a full suite of operational capabilities, including liner services, ship management, and chartering activities. The company operates 89 vessels, reaching over 60 countries. Asyad Shipping offers a comprehensive range of maritime shipping solutions across five key business segments: container ships, product tankers, dry bulk carriers, crude tankers, and gas carriers.

Oman: Asyad Shipping sets price range for $332.4mln IPO
Oman: Asyad Shipping sets price range for $332.4mln IPO

Zawya

time20-02-2025

  • Business
  • Zawya

Oman: Asyad Shipping sets price range for $332.4mln IPO

Muscat: Asyad Shipping, a subsidiary of Asyad Group, has announced the price range for its highly anticipated initial public offering (IPO), which is set to open for public subscription on Thursday. The offering, expected to raise up to RO128.1mn at the top end of the price range, will value the company at up to RO640.7mn. The IPO will consist of 1,041,748,856 existing shares being sold by Asyad Group, representing 20% of Asyad Shipping's total issued share capital. Post-offering, Asyad Group will remain the majority shareholder. The offering is split into two categories: A Category I institutional offer (representing 75% of the total offer size) and a Category II retail offer (representing the remaining 25%). The Category I offer includes a significant 30% of the offering allocated to Anchor Investors. A total of 468,786,985 offer shares (45% of the total shares on offer) will be allocated to institutional investors in the Category I offer, which will be open to local, regional, and international applicants. The minimum subscription for Category I investors is 100,000 shares, with additional subscriptions in multiples of 100 shares thereafter. The Category II retail offer will be allocated 260,437,214 shares (25% of the total offering). Subscriptions will be made on a proportionate basis. The Category II allocation is split between large retail investors and small retail investors, with the minimum subscription for large investors set at 81,400 shares. There is no maximum limit for Category II large retail investors, while small retail investors can subscribe for a minimum of 100 shares, with a maximum limit of 81,300 shares. The subscription price for the Category I offer is expected to fall between 117bz and 123bz per share, with the final price determined through a book-building process. The Category II offer will have a fixed subscription price of 123bz per share. The IPO subscription opens on February 20, 2025. The Category I offer will close on February 27, 2025, and the Category II offer will close on February 26, 2025. Anchor investors Asyad Shipping has secured firm commitments from two strategic anchor investors – Mars Development and Investment, an Oman-based firm, and Falcon Investments, a subsidiary of the Qatar Investment Authority. Together, the two investors have committed to subscribing to 30% of the total offer, with Mars Development and Investment agreeing to take up 10% and Falcon Investments 20%, at the offer price of 123bz per share. The commitments by the two anchor investors demonstrate a substantial vote of confidence in Asyad Shipping's value proposition, track record, and strategic vision. Shares of Asyad Shipping are expected to begin trading on the Muscat Stock Exchange (MSX) on or around March 12, 2025, subject to receiving all necessary regulatory approvals. Sohar International Bank has been appointed as the issue manager, with Oman Investment Bank, Sohar International Bank, EFG Hermes, Jefferies, and JP Morgan acting as joint global coordinators. Crédit Agricole Corporate and Investment Bank and Société Générale have been appointed as joint bookrunners. Dividend policy Asyad Shipping has outlined an attractive dividend policy, with an expectation of strong cash flows and long-term earnings growth. Prior to the IPO, the company has declared a dividend of RO9.9mn, payable in February 2025 to pre-IPO shareholders. Post-IPO, the company plans to pay dividends of RO22.3mn in March 2025 and RO29mn in September 2025, based on its financial performance for the year ending December 31, 2024, and for the six-month period ending June 30, 2025, respectively. A further dividend of RO29mn is expected in March 2026, based on the performance for the year ending December 31, 2025. Looking ahead, for the year 2026, Asyad Shipping aims to distribute a fixed annual dividend of RO58mn, with 50% payable in September 2026 and the remaining 50% in March 2027. © Apex Press and Publishing Provided by SyndiGate Media Inc. (

Asyad Shipping sets price range for RO128mn IPO
Asyad Shipping sets price range for RO128mn IPO

Muscat Daily

time19-02-2025

  • Business
  • Muscat Daily

Asyad Shipping sets price range for RO128mn IPO

Muscat – Asyad Shipping, a subsidiary of Asyad Group, has announced the price range for its highly anticipated initial public offering (IPO), which is set to open for public subscription on Thursday. The offering, expected to raise up to RO128.1mn at the top end of the price range, will value the company at up to RO640.7mn. The IPO will consist of 1,041,748,856 existing shares being sold by Asyad Group, representing 20% of Asyad Shipping's total issued share capital. Post-offering, Asyad Group will remain the majority shareholder. The offering is split into two categories: A Category I institutional offer (representing 75% of the total offer size) and a Category II retail offer (representing the remaining 25%). The Category I offer includes a significant 30% of the offering allocated to Anchor Investors. A total of 468,786,985 offer shares (45% of the total shares on offer) will be allocated to institutional investors in the Category I offer, which will be open to local, regional, and international applicants. The minimum subscription for Category I investors is 100,000 shares, with additional subscriptions in multiples of 100 shares thereafter. The Category II retail offer will be allocated 260,437,214 shares (25% of the total offering). Subscriptions will be made on a proportionate basis. The Category II allocation is split between large retail investors and small retail investors, with the minimum subscription for large investors set at 81,400 shares. There is no maximum limit for Category II large retail investors, while small retail investors can subscribe for a minimum of 100 shares, with a maximum limit of 81,300 shares. The subscription price for the Category I offer is expected to fall between 117bz and 123bz per share, with the final price determined through a book-building process. The Category II offer will have a fixed subscription price of 123bz per share. The IPO subscription opens on February 20, 2025. The Category I offer will close on February 27, 2025, and the Category II offer will close on February 26, 2025. Anchor investors Asyad Shipping has secured firm commitments from two strategic anchor investors – Mars Development and Investment, an Oman-based firm, and Falcon Investments, a subsidiary of the Qatar Investment Authority. Together, the two investors have committed to subscribing to 30% of the total offer, with Mars Development and Investment agreeing to take up 10% and Falcon Investments 20%, at the offer price of 123bz per share. The commitments by the two anchor investors demonstrate a substantial vote of confidence in Asyad Shipping's value proposition, track record, and strategic vision. Shares of Asyad Shipping are expected to begin trading on the Muscat Stock Exchange (MSX) on or around March 12, 2025, subject to receiving all necessary regulatory approvals. Sohar International Bank has been appointed as the issue manager, with Oman Investment Bank, Sohar International Bank, EFG Hermes, Jefferies, and JP Morgan acting as joint global coordinators. Crédit Agricole Corporate and Investment Bank and Société Générale have been appointed as joint bookrunners. Dividend policy Asyad Shipping has outlined an attractive dividend policy, with an expectation of strong cash flows and long-term earnings growth. Prior to the IPO, the company has declared a dividend of RO9.9mn, payable in February 2025 to pre-IPO shareholders. Post-IPO, the company plans to pay dividends of RO22.3mn in March 2025 and RO29mn in September 2025, based on its financial performance for the year ending December 31, 2024, and for the six-month period ending June 30, 2025, respectively. A further dividend of RO29mn is expected in March 2026, based on the performance for the year ending December 31, 2025. Looking ahead, for the year 2026, Asyad Shipping aims to distribute a fixed annual dividend of RO58mn, with 50% payable in September 2026 and the remaining 50% in March 2027.

Asyad Shipping announces IPO price range, subscription period
Asyad Shipping announces IPO price range, subscription period

Muscat Daily

time18-02-2025

  • Business
  • Muscat Daily

Asyad Shipping announces IPO price range, subscription period

Muscat – Asyad Shipping Company SAOG announced on Tuesday the price range and details of the subscription period for its initial public offering (IPO) on MSX. The prospectus has been approved by the Financial Services Authority (FAS), which regulates and develops Oman's financial markets for the capital market and insurance sectors. The offer is expected to raise up to RO128.1mn at the top of the price range. valuing Asyad Shipping at up to RO640.7mn (based on FX rate US$1 = 0.385bz) The offering will be conducted in the manner as approved by FSA and will be offered in a parallel offering – the Selling Shareholder intends to offer 20% of Asyad Shipping's total share capital. Immediately following the offering, a majority of the shares of Asyad Shipping will continue to be held by Asyad Group. The Company and the Selling Shareholder reserve the right to amend the size of the offering at any time prior to the end of the subscription period in their sole discretion, subject to applicable laws and the approval of the FSA. All the shares being sold by the Selling Shareholder are existing ordinary shares and the Company will not receive any proceeds from the sale of the shares in the offering, all of which will be paid to the Selling Shareholder. The offering expenses will be paid by the Selling Shareholder. Category I Offer – 468,786,985 Offer Shares have been allocated for local, regional and international Category I Applicants, being 45% of the Offer Shares. Allocation of Offer Shares to Category I Applicants will be determined by the Selling Shareholder in consultation with the Joint Global Coordinators. The minimum limit for subscription by each Category I Applicant is 100,000 Offer Shares and in multiples of 100 Offer Shares thereafter. Anchor investors – 312,524,657 Offer Shares have been allocated for Anchor Investors, being 30% of the offer. In this respect, the Company has received irrevocable commitments from two strategic local and regional anchor investors, Mars Development and Investment LLC and Falcon Investments LLC, to subscribe for 10% (representing 33% of the total offer allocated to anchor investors) and Falcon Investments LLC, a subsidiary of the Qatar Investment Authority, committed to subscribe for 20% (representing 67% of the total offer allocated to anchor investors) of the offer. The commitments by the two anchor investors demonstrate a substantial vote of confidence in the Company's value proposition, track record, and strategic vision. Category II Offer – 260,437,214 offer shares have been allocated for Category II, being 25% of the offer (allocation to Category II Applicants to be made on a proportionate basis). The Category II Offer is further split equally between the Category II Applicants (large retail) and Category II Applicants (small retail) subcategories. Large retail applicants may apply for at least 81,400 offer shares and thereafter in multiples of 100 offer shares. There is no maximum limit on the number of offer shares that may be subscribed pursuant to an application for Category II Applicants (large retail). Small retail applicants may apply for at least 100 offer shares and thereafter in multiples of 100 offer shares. The maximum limit on the number of offer shares that may be subscribed pursuant to an application for Category II Applicants (small retail) is equivalent to no more than 81,300 Offer Shares The shares held by the Selling Shareholder following completion of the Offering will be subject to a lockup which starts on the date of admission and ends 180 calendar days thereafter, subject to customary exceptions and waiver by the joint global coordinators. The Company will also be subject to a lock-up starting on the date of admission and ending 180 calendar days thereafter, subject to customary exceptions and waiver by the joint global coordinators. Shares purchased by the anchor investors are subject to a 90-day lock-up, following admission. Admission of the shares to listing and trading on MSX is expected on or about March 12, 2025, subject to receiving all required regulatory approvals. The completion of the offering and admission are subject to market conditions and obtaining all necessary regulatory approvals. Sohar International Bank has been appointed as the issue manager. Oman Investment Bank, Sohar International Bank, EFG Hermes, Jefferies and JP Morgan, have been appointed as joint global coordinators. Crédit Agricole Corporate and Investment Bank and Société Générale have been appointed as joint bookrunners. Full details of the Offering are available in the Prospectus under the Key Documents section on as well as at the branches of the collection agents detailed in the Prospectus.

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