'Omani to transport electricity' freezes a plan to offer its shares and is considering selling bonds

The Omani Electricity Transmission Company has suspended its plans to move forward in an initial public offer, and is now trying to collect money by selling bonds, according to people who are familiar with the case. Two people have stated that they did not disclose their identity as a result of the privacy of the information, that the state enterprise will start this week with meetings with investors in the United States and the United Kingdom to investigate the demand for a possible release of bonds living in the dollar. They added that work is underway with ‘City Group’ and Oman Investment Bank, as well as other institutions to launch potential effects. Final decisions were not made on the size, timing and structure of the issue. Omani Company bonds show data collected by “Bloomberg” that the company has bonds worth one billion dollars in May, and another of $ 500 million in 2027. This published a green financing framework in October that includes tools that include sukuk, bonds and loans. These plans to use the international debt markets come after the company’s shareholders decided to postpone the initial public offering of the facility, according to Opinth, in a sign of the possibility of delaying the rate of golf infections and Oman to a period witnessed the record sales of shares. According to the previous Bloomberg, the Omani investment device, the largest shareholder in the business, worked with Lazard. The Chinese Government Network Company has a 49% stake in the Omani Electricity Transmission Company, acquired in 2019 with the first major privatization process in the sultanate, in an agreement that estimated the company’s value of two billion dollars at the time. Representatives of the Omani Electricity Transmission Company and the Chinese Government Network Company refused to respond to requests for comment, while ‘Lazard’, ‘City spokesman and the Oman investment bank refused to comment. Privatization in Oman, Oman’s sultanate, seeks to sell shares in many companies in the state in the framework of its plan to privatize 30 companies, with the aim of financeing their transformation in the energy sector and strengthening capital markets. Over the past year, two companies at the National Energy Company have raised a $ 2.5 billion record amount of the initial public proposals, asking the amount of subscriptions in Muscat to exceed its peers in London, but these infections (such as OKIO for basic industries) later experienced problems. The first public offer of $ 333 million to the shipping unit of the state -backed “Asia City” group was considered an important test for Oman’s ability to implement its strategy to get out of the assets, while the unit shares remained largely stable on Wednesday. The rate of privatization in Oman was delayed compared to its peers in the region, such as Saudi Arabia and the UAE, which were active in the development of local stock markets to attract capital and diversify their economies away from oil.