Latest news with #RO128mn
Muscat Daily
02-06-2025
- Business
- Muscat Daily
Oman's industrial exports rise 8.6% to RO1.6bn in Q1
Muscat – Oman's industrial sector exports recorded a notable increase of 8.6% in the first quarter of 2025, reaching RO1.618bn, compared to RO1.49bn during the same period in 2024, according to data released by the National Centre for Statistics and Information (NCSI). Industrial exports accounted for 28% of Oman's total exports, indicating the growing contribution of the industrial sector to the national economy and its role in promoting economic diversification. This growth is attributed to strong performances across several industrial segments, particularly the electrical machinery and equipment manufacturing sector, which posted an exceptional 141% increase in export value. Exports from this sector rose to RO128mn, compared to RO53mn in Q1 2024, the NCSI data showed. This was followed by metal products, with exports increasing by 14.1% to RO462mn, supported by growing international demand for high-quality Omani goods. In a statement to the Oman News Agency, Eng Khalid bin Salim al Qassabi, Director General of Industry at the Ministry of Commerce, Industry and Investment Promotion, said that the positive results reflect the strength and diversity of Oman's industrial base. He noted that the ministry continues to implement integrated industrial policies aimed at enhancing the competitiveness of Omani products in regional and international markets, while driving export growth. 'The electrical machinery and equipment sector is experiencing rapid growth, spurred by rising demand locally and regionally, and linked to the expansion of infrastructure projects, including electricity networks, public utilities, and the development of new cities. This growth is also supported by increased investment in industries related to renewable energy,' said Qassabi. He emphasised that the sector is a priority under Oman's Industrial Strategy 2040, due to its role in developing supply chains, enhancing the added value of the national economy, supporting entrepreneurship, and facilitating the localisation of advanced technologies. Eng Jassim bin Saif al Jadidi, Technical Director at the Office of the Undersecretary of the Ministry of Commerce, Industry and Investment Promotion for Commerce and Industry, stressed the continuation of efforts to expand the presence of Omani products in both regional and global markets. This goal is central to the Industrial Strategy and a key pillar of Oman Vision 2040. He explained that these efforts involve launching a series of qualitative initiatives aimed at improving the efficiency and quality of national products. This includes supporting local manufacturers in meeting the highest technical standards and international specifications, thereby enhancing competitiveness and consumer confidence in Omani goods. He added that the ministry, in coordination with relevant authorities, is working to open new markets for Omani exports by activating regional and international trade agreements, participating in exhibitions and trade missions, and providing incentives and support for Omani exporters. The ministry is also encouraging the growth of knowledge-based industries and the adoption of advanced technologies, including artificial intelligence and Fourth Industrial Revolution tools. These technologies play a crucial role in improving product quality, reducing costs, and ensuring sustainable industrial growth. They also contribute significantly to supporting the national economy, creating quality employment opportunities for Omani nationals, and reinforcing the sultanate's position as a promising industrial and logistics hub in the region.
Muscat Daily
25-02-2025
- Business
- Muscat Daily
Asyad Shipping IPO's retail subscription ends on Wednesday
Muscat – Retail subscription for the initial public offering (IPO) of Asyad Shipping, the maritime transport arm of Asyad Group and one of the world's largest diversified maritime transport and shipping solutions companies, will end on Wednesday. The offering is open to Category II investors, which includes both retail and high-net-worth individuals, at a price of 123bz per share. The Category II offering comprises 260.44mn shares, representing 20% of the total IPO size. The IPO subscription period for Category I investors, which includes local and foreign institutional investors, will close on Thursday. The price per share ranges between 117bz and 123bz, with a total of 468.79mn shares, representing 45% of the total IPO offering. Asyad Shipping has offered 1.042bn ordinary shares, representing at least 20% of the company's total issued share capital, with the IPO valued at over RO128mn. This move aligns with Asyad Shipping's vision to expand its operational growth, diversify its business portfolio, and ensure long-term sustainability. The company's shares are expected to commence trading on the Muscat Stock Exchange (MSX) on 12 March 2025. The offering has attracted major investors who have secured 312.525mn shares, representing 30% of the total IPO, at a price of 123bz per share. Among them, Mars Development and Investment has committed to subscribing to 10% of the offering, while Falcon Investments, a subsidiary of the Qatar Investment Authority, has committed to 20% of the transaction. In collaboration with the Oman Chamber of Commerce and Industry (OCCI), Asyad Shipping has concluded a series of seven investor introductory sessions held across various governorates of Oman. These sessions were attended by business leaders and investors as part of the company's efforts to engage with potential stakeholders and educate them about the IPO process and investment opportunities. The sessions included a comprehensive company presentation highlighting growth opportunities, investment potential, and expected dividend distributions. During the introductory session at the Muscat Stock Exchange on Tuesday, Dr Ibrahim bin Bakhit al Nadhairi, CEO of Asyad Shipping, emphasised that the company is a leading global transport platform adhering to international standards. He highlighted the company's growth trajectory, strategic expansion plans, and competitive positioning in global maritime trade. He informed that Asyad Shipping aims to attract new investors, expand its partnership base, and grow its fleet, which currently comprises 89 vessels serving various industrial and commercial sectors across 60 countries, with a customer base exceeding 4,500 clients. Nadhairi reiterated that the IPO aligns with the objectives of Oman Vision 2040, reinforcing economic diversification policies, sustainable growth, and corporate governance principles. Ahmed bin Khamis al Shukaili, Senior Vice-President for Finance at Asyad Shipping, affirmed that the company maintains a strong financial position, with a sustainable growth trajectory and high sector-leading profit margins. He disclosed that the company's revenue reached $1.9bn by September 2024, supported by long-term contractual commitments. In 2023, the company's total revenue stood at $945mn, with an EBITDA margin of 68%. Shukaili highlighted that equivalent revenue from vessel leasing grew at a compound annual growth rate (CAGR) of 25%, reaching $733mn in 2023, compared to $470mn in 2021. He also confirmed that Asyad Shipping has planned investments ranging between $2.3bn and $2.7bn over the medium term. Asyad Shipping has adopted a strategic capital structure to support long-term growth and operational flexibility. The company's net financial debt stood at $1.21bn, rising to $1.229bn when including lease obligations, as of 30 September 2024. Shukaili further assured that Asyad Shipping maintains a positive cash position and strong cash flow, enabling it to self-finance operations and capital requirements. The company targets a net leverage ratio of approximately 2.5x adjusted earnings in 2025, reinforcing its commitment to financial efficiency and operational sustainability. Asyad Shipping is among the world's largest companies in maritime transport and shipping services, boasting a comprehensive portfolio of assets and operational capabilities. Its services include liner shipping, vessel management, and chartering operations, solidifying its position as a leading player in global shipping markets.
Muscat Daily
17-02-2025
- Business
- Muscat Daily
RO128mn Asyad Shipping IPO to open on Feb 20
Muscat – The Financial Services Authority (FSA) has approved the initial public offering (IPO) of Asyad Shipping Company, with the company set to offer approximately 1.042 billion shares worth over RO128mn. The offering represents 20% of the company's capital. The IPO will be open for subscription from February 20 to 26 for individual investors, while institutional investors can subscribe until February 27. The share price for individual investors has been set at 123 baisas per share, while the institutional offering will follow a book-building process within a price range of 117 to 123 baisas per share. According to the FSA, the IPO is divided into three categories: institutional investors, individual investors, and major investors. Institutional investors will receive 45% of the total offering, equally divided among local, regional, and international institutions. The minimum subscription for this category is 100,000 shares, with no upper limit. Individual investors have been allocated 25% of the offering, with a minimum subscription of 81,400 shares, in multiples of 100. Small individual investors can subscribe to a minimum of 1,000 shares and a maximum of 81,300 shares. The remaining 30% of the IPO is allocated to major investors, who can subscribe to 312.5mn shares worth over RO40.63mn. Asyad Shipping, a subsidiary of Asyad Group under the Oman Investment Authority, is going public as part of the government's strategy to divest from state-owned assets. The offering aligns with Oman Vision 2040, which aims to attract domestic and foreign investment. The IPO is expected to broaden the investor base and provide an opportunity to invest in one of Oman's key players in maritime transport.
