Published: January 5, 2014
Al Maha Ceramics prepares offering after a busy end to 2013 on the Muscat Securities Market.
Al Maha Ceramics, an Omani firm that makes and sells ceramic tiles, is close to completing preparations for its initial public offering (IPO).
Plans for Al Maha's IPO, which will see 40% of the company floated on the Muscat Securities Market, were announced in May 2013 by Al Anwar Holding, which owns 37% of the business.
The company was established in 2006 and today has a distribution network across the UAE, Saudi Arabia, Qatar, Bahrain, Syria, Lebanon, Jordan, Africa and South Asia.
The Omani equities market has presented investors with several opportunities in recent months. In October Sembcorp Salalah Power and Water Company joined the local exchange, a few weeks before construction firm Galfar Engineering secured OMR13.29mn (US$34mn) in a rights issue.
Meanwhile, the government is in the process of reducing its stake in national telecoms company Omantel through a public offering, and insurance company Takaful Oman is shortly to close its own IPO, delayed from January 2 after the company missed its deadline to meet listing requirements.