Muscat based-Islamic bank, Bank Nizwa, on Monday, said its participation as a collective bank for the OQ Gas Networks (OQGN) initial public offering (IPO). The aim is to collaborate with prominent entity and to make subscription to the IPO accessible to audience.
This collaboration enables the bank, customers to subscribe shares in the OQGN IPO through its application. Additionally, corporate customers and non-bank retail customers can submit their proposals through the bank’s branches.
Oman’s gas transportation system operator, OQ Gas Networks, earlier said it is listing 49% of capital shares on IPO with around 2 million shares listing on Muscat Stock Exchange (MSX) offered for subscription. The IPO will give local and international investors an opportunity to be a part of this significant venture in Oman’s energy landscape.
Nizwa said the shares can be subscribed from September 26 to October 9, where minimum shares to subscribe will be 100,000 shares and the offering price is 131-140 biases per share. The second subscription category is for individuals with a minimum of 1,000 shares with a fixed offering price of 126 biases per share. This subscription will start from September 26 to October 5.
The bank ensures that all services provided by the firm will align with Islamic banking principles. As collecting bank for the OQ Gas Networks IPO, the bank will provide its customers to make decision by verifying that all aspects of this collaboration are in accordance with Sharia guidelines.
