Oman’s OQ Gas Networks Plans Muscat’s Biggest IPO in Almost Two Decades 

Oman's OQ Gas Networks (OQGN) plans to float up to 49% of its shares.
Oman's OQ Gas Networks (OQGN) plans to float up to 49% of its shares.
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Oman’s OQ Gas Networks Plans Muscat’s Biggest IPO in Almost Two Decades 

Oman's OQ Gas Networks (OQGN) plans to float up to 49% of its shares.
Oman's OQ Gas Networks (OQGN) plans to float up to 49% of its shares.

Oman's OQ Gas Networks (OQGN), the pipelines business of state oil giant OQ, said on Monday it plans to float up to 49% of its shares, in what is expected to be the biggest initial public offering in the Sultanate in almost two decades.

The offering, which begins this month, will provide investors with access to growth in the company that holds a natural monopoly over essential gas transportation in the country, the company said in a statement.

OQGN is Oman's exclusive gas transportation system operator, supplying natural gas to the country's power plants, freezones, industrial clusters, LNG complexes and other customers.

OQ, directly and indirectly through Oman Energy Trading Company Limited and Oman Oil Services Limited, is offering up to 49% of the shares, the document said.

The selling shareholders reserve the right to amend the size of the offering at any time before the end of the subscription period at their sole discretion. Immediately following the offering, a minimum of 51% will continue to be held by OQ.

The company plans to pay a semi-annual dividend in cash to investors after the offering. A first dividend of 33 million rials for the first nine months of 2023 is estimated to be paid around January next year, and a second dividend of 11 million rials for the last three months of 2023 will be paid around April, 2024.

The planned IPO follows the flotation of OQ's oil drilling business, Abraj Energy Services, in March which raised $244 million from selling a 49% stake.

Oman follows Abu Dhabi and Saudi Arabia in looking at sales of stakes in energy assets, capitalizing on a rebound in crude prices to attract foreign investors and boost interest on their respective bourses.

OQGN's IPO is part of a broader divestment program being implemented by the Sultanate's sovereign wealth fund, the Oman Investment Authority, Talal Al Awfi, OQ's Group CEO was quoted as saying in the statement on Monday.

"The listing of OQGN, which owns and operates critical gas transportation infrastructure in Oman, is in line with this ambition while enriching the dynamically developing Omani stock market," Al Awfi said.



Türkiye Works to Halt Circulation of Fake US Dollars

FILE PHOTO: A money changer counts US dollar bills, with Turkish lira banknotes in the background, at an currency exchange office in central Istanbul, Türkiye, August 21, 2015. REUTERS/Murad Sezer/File Photo
FILE PHOTO: A money changer counts US dollar bills, with Turkish lira banknotes in the background, at an currency exchange office in central Istanbul, Türkiye, August 21, 2015. REUTERS/Murad Sezer/File Photo
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Türkiye Works to Halt Circulation of Fake US Dollars

FILE PHOTO: A money changer counts US dollar bills, with Turkish lira banknotes in the background, at an currency exchange office in central Istanbul, Türkiye, August 21, 2015. REUTERS/Murad Sezer/File Photo
FILE PHOTO: A money changer counts US dollar bills, with Turkish lira banknotes in the background, at an currency exchange office in central Istanbul, Türkiye, August 21, 2015. REUTERS/Murad Sezer/File Photo

Turkish authorities were checking currency exchanges and cash dispenser machines on Thursday to help avert any damage from the circulation of counterfeit US dollars, which has prompted a number of banks to stop accepting some of the bills.
The central bank said it was working with judicial authorities to address the counterfeiting issue and had shared a report and guidance with lenders after having examined the fake US banknotes, Reuters reported.
Though it was unclear how much counterfeit currency was in circulation across the country, several banking sources said that several foreign exchange offices and banks were no longer accepting some US dollars.
A source with knowledge of the matter said there were no related problems with the financial system.
Several banking sources have said some $50 bills and $100 bills are suspected of being counterfeit and are not currently detected by money-counting machines.
The Turkish Banking Association said these machines as well as cash dispenser machines, or ATMs, were being checked and updated to halt any further circulation of counterfeit bills.
The source said a planned rapid system-wide update to money-counting machines would make detection possible.
Separately, a prosecutor's office in Istanbul launched an investigation into the issue, broadcaster NTV reported.