Sunday, July 21, 2024
Today's News
Sunday, July 21, 2024
Today's News

OQ signs agreement to sell 20% of Abraj’s shares for Saudi Omani Investment Company

OQ signs agreement to sell 20% of Abraj’s shares for Saudi Omani Investment Company

OQ Team, stood for by its Upstream-sector, and also Abraj Power Services (Abraj, under change) signed a contract with the Saudi Omani Investment Firm (SOIC) by which SOIC acquires 20 per cent of Abraj’s shares that are being provided in an initial public offering.

This action comes as part of the joint economic and also investment cooperation between the Sultanate of Oman and the Kingdom of Saudi Arabia. It reflects the efforts applied by Oman Financial investment Authority to attract international investments in various production as well as service sectors, as well as the strategies of OQ, the global integrated power group, to expand the investors’ ownership in a few of its possessions.

The finalizing of this support financial investment arrangement mirrors the regional growth strategy adopted by OQ Group and its commitment to bring in foreign direct investment, according to the objectives of Oman Vision 2040.

This investment agreement shows SOIC’s self-confidence in Abraj’s future as an economically resistant and high-growth service with massive prospective to grow regionally. The contract signed with strategic financiers would certainly enhance the self-confidence of other sectors of company and also specific capitalists to invest in Oman.

It deserves keeping in mind that this arrangement would accelerate as well as enhance the business extent of Abraj as a quality oilfield services provider that improves the in-country value and supports the development of Oman’s capital markets.

According to the supply program of Abraj accepted by the Funding Market Authority (CMA), the shares of Abraj will certainly be provided for trading at the Muscat Stock Exchange (MSX) on March 14, 2023. Abraj plans to provide 49 percent of its share funding, equal to 377,398,000 shares for public registration.

Last Updated:  13 February 2023

INTERVIEW

Celebrities
In case you missed it

Top picks from The Times, recommended for you

Culture & Life Style
Teenage NYC boy beaten unconscious by group who stole his Air Jordan sneakers
13 Jan 2023
Teenage NYC boy beaten unconscious by group who stole his Air Jordan sneakers
Air Jordans are highly desired tennis shoes A 16-year-old child is recouping after being beaten subconsciously on a Manhattan road by a group that stole his Air Jordan tennis shoes.…
READ MORE
Miss Universe Bahrain Evlin Khalifa wears abayas as beauty pageant begins
Miss Universe Bahrain Evlin Khalifa wears abayas as beauty pageant begins
Evlin Khalifa has said she is devoted to clothing modestly…
READ MORE
The best way to comfort someone when they’re sad
The best way to comfort someone when they’re sad
A limited yet growing body of study recommends that a…
READ MORE
UAE: Hospital announces free support for cancer patients
UAE: Hospital announces free support for cancer patients
Cleveland Center's Angel Program to be initially turned out for…
READ MORE
The biggest movies coming your way in 2023
The biggest movies coming your way in 2023
‘Guardians of the Galaxy Vol 3’  The pop-culture behemoth that…
READ MORE
The Worlds Times Cooking Recipes, advice and inspiration for any occasion.
Entertainment
Christina Karam hits winning note with songs for Egypt
Christina Karam hits winning note with songs for Egypt
Increasing celebrity uses music to advertise country's appeal in 'Egypt Deserves' project A rising star…
Miss World: A brief history, including controversies, criteria and famous winners
Miss World: A brief history, including controversies, criteria and famous winners
The contest, established in 1951, is the longest-running worldwide charm contest Model from around the…
Rihanna dons custom Alaia coat for Super Bowl performance, reveals pregnancy
Rihanna dons custom Alaia coat for Super Bowl performance, reveals pregnancy
Pop as well as R&B super star Rihanna made a grand go back to the…
Georgina Rodriguez is the new face of Italian luxury label Elisabetta Franchi
Georgina Rodriguez is the new face of Italian luxury label Elisabetta Franchi
DUBAI: Argentine version Georgina Rodriguez, who now stays in Saudi Arabia, is the new worldwide…
‘Paper Planes’ rapper M.I.A. joins Wireless Abu Dhabi line-up
‘Paper Planes’ rapper M.I.A. joins Wireless Abu Dhabi line-up
British rap artist M.I.A. is the most recent enhancement to the line-up set to descend…
1309 Studios founder Ghada Al-Subaey talks Arab representation, dressing Georgina Rodriguez
1309 Studios founder Ghada Al-Subaey talks Arab representation, dressing Georgina Rodriguez
Qatar-based ready-to-wear label 1309 Studios, started by business owner Ghada Al-Subaey, has actually been garnering…
‘More like Annabel’s’: London law firm seeks to redress dress code
‘More like Annabel’s’: London law firm seeks to redress dress code
Vardags recommends personnel to be 'wildly magnificent as well as express yourselves fully' with their…
Miss Universe Bahrain stands out in burkini for swimsuit round
Miss Universe Bahrain stands out in burkini for swimsuit round
The preliminary competition will identify which entrants make it to the semi-finals Miss Bahrain Evlin…
In need of spotlight, Hollywood welcomes back tarnished Golden Globes
In need of spotlight, Hollywood welcomes back tarnished Golden Globes
Standup comic Jerrod Carmichael hosted the 80th Worlds ceremony, discarding the normal monologue (zingers regarding…
Golden Globe Awards 2023: Check Full List of Winners
Golden Globe Awards 2023: Check Full List of Winners
Golden World Honors 2023 Full Checklist of Winner: The 80th Golden Globe Honors event has…
Country
Mauritania
Mauritania News
UAE
UAE News
Egypt
Egypt News
Oman
Oman News
South Arabia
South Arabia News
Jordan
Jordan News
Qatar
Qatar News
Kuwait
Kuwait News
Bahrain
Bahrain News
Iran
Iran News