Oman telco Nawras to IPO in September

Nawras is reported to be planning to float a 40 per cent stake in the Oman bourse in September, with the official date of the IPO said to be September 1. However, the accompanying roadshow is set to be delayed for around a fortnight until the end of Ramadan.

It is reported that the IPO will be open for investors of all nationalities.

As part of its licensing conditions, Nawras is required to list 40 per cent of the company on the domestic stock exchange in 2010.

“It is a condition of our Nawras licence that we conduct an IPO in 2010. Our plans remain in line with that. No formal announcements have been made as of yet, though we do remain prepared to complete this IPO in 2010,” Nawras CEO Ross Cormack confirmed to Comm. last month.

Nawras is 55.6 per cent held by the Qtel Group, 14.4 per cent by Danish telco TDC, with the remainder 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.