Nawras to commence IPO proceedings September 15

Nawras today announced its plans to proceed with a listing of its shares on the Muscat Securities Market (MSM), and subject to CMA approval, the offering will represent up to 40 per cent of the company’s total share capital. The process is expected to be launched after the Eid holidays on September 15.

Retail and institutional investors will be able to participate in the offering.

“For the last five years we have been dedicated to enriching the lives of people in Oman by providing them with better communications products and services. In this time we have grown rapidly to serve nearly two million customers, and counting, representing 45 per cent of the Omani mobile market at the end of June 2010,” commented Ross Cormack, CEO of Nawras.

Currently, Nawras is 55.6 per cent held by the Qtel Group, 14.4 per cent by Danish telco TDC, with the remainder of the telco being held by Omani institutions including the Ministry of Defence Pension Fund, Royal Office Pension Fund, Diwan of Royal Court Pension Fund, Internal Security Service Pension Fund and Sultan’s Special Force Pension Fund.