- MUSCAT: Oman may revise a law that would allow companies to float just 25 percent of their capital from 40 percent now to prompt more family firms to list, a Capital Markets Authority (CMA) official said.
“We are considering to reduce IPO issues to 25 percent from 40 percent to encourage family businesses to convert to listed companies,” Yahya Al-Jabri, CMA executive president, told Reuters.
Oman Arab Bank, which is 51-percent-owned by Ominvest, is the latest Omani firm to indicate it will seek a listing, according to a local newspaper report.
Ominvest shares rallied to a two-year high on the news on Monday before shedding gains in Tuesday’s session.
Ominvest said in a statement that shareholders of Oman Arab Bank, Ominvest and Bahrain’s Arab Bank, which owns the rest of OAB, would meet shortly to discuss the possible listing.