Omani state logistics firm Asyad has completed the subscription period for the initial public offering of 20% in its shipping subsidiary. The company expects the 12 March listing on the Muscat Stock Exchange to raise $333mn, valuing Asyad Shipping at around $1.7bn.
This is the latest divestment organized by sovereign wealth fund Oman Investment Authority (OIA), the ultimate shareholder in Asyad. It falls under OIA’s plan to raise $5bn by the end of 2024 through divesting stakes in state-owned companies (MEES, 22 November 2024). (CONTINUED - 124 WORDS)