Al Maha to issue IPO in Oman

An initial public offering of shares (IPO) in the Al-Maha Petroleum Products Marketing Company in Oman is expected to come into the market next month.

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By  Shilpa Mathai Published  January 22, 2004

An initial public offering of shares (IPO) in the Al-Maha Petroleum Products Marketing Company in Oman is expected to come into the market next month. According to local reports, the government is considering disinvesting its 65% stake in the company. Al Maha, the marketing arm of the Oman Refinery Company (ORC), was established in 1982 to meet the domestic demand for petroleum products. The refinery was designed with an initial throughput capacity of 50,000 barrels per day. Operated by ORC, the plant produces liquefied petroleum gas (LPG), butane, jet fuel, and two grades of gasoline. The company signed an agreement with Oman’s Ministry of Finance last year confirming the divestment program. The Al Mawarid Securities Company in Muscat has been commissioned to lead and manage the IPO. The issue price has not been divulged. The only other shareholder of Al Maha is Abu Dhabi’s ABS Lubricants that holds a 35 percent stake in the company’s equity. Once the valuation process is complete, the company will be transformed into a public limited company and its shares will be listed on the Muscat Securities Market.

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