OQ Gas Networks (under transformation) IPO update

Business Wednesday 27/September/2023 11:46 AM
By: Times News Service
OQ Gas Networks (under transformation) IPO update

Muscat: OQ Gas Networks (OQGN) on Wednesday confirmed that the Category 1 offer, representing 40 percent of the initial public offering (IPO) size and reserved for institutional investors, has been covered multiple times at the maximum price of 140 baisas as of close of business on the first day of the book building process.

OQGN holds a natural monopoly over critical gas transportation infrastructure in Oman as the exclusive owner and operator of the NGTN. OQGN aims to champion the management and development of the NGTN through innovative and sustainable solutions.

With the support of its around 480 talented individuals as at 30 June 2023, the Company prioritises maintaining high standards of operation and maintenance, which is reflected in the OQGN’s operational track-record, having delivered 99.99 percent gas availability over the last 10 years and recorded no gas supply interruptions in 2022.

OQGN’s health and safety record is also testament to its commitment to applicable occupational health and safety standards.

OQGN actively considers the interests of society at large and the economic development of Oman in the course of its operations and strives to maximise its engagement in and contribution to the Omani communities and supporting the Government’s efforts towards environmental sustainability.