Asyad Shipping Announces Offer Price Range for Shares on Muscat Stock Exchange

Asyad Shipping Company SAOG (under transformation) (Asyad Shipping or ASC), has announced the price range and details of the subscription period for its initial public offering (IPO) on the MSX.

The prospectus has been approved by the Financial Services Authority (FSA) of the Sultanate of Oman, which regulates and develops Oman's financial markets for the capital market and insurance sectors.

The Offer is expected to raise up to US$332.8 million at the top of the price range valuing Asyad Shipping at up to US$1.6641 billion.

The Offering will be conducted in the manner as approved by the FSA.

The Selling Shareholder intends to offer 20% of Asyad Shipping’s total share capital. Immediately following the Offering, a majority of the shares of Asyad Shipping will continue to be held by Asyad Group.

The Company and the Selling Shareholder reserve the right to amend the size of the Offering at any time prior to the end of the subscription period in their sole discretion, subject to applicable laws and the approval of the FSA.

All the shares being sold by the Selling Shareholder are existing ordinary shares and the Company will not receive any proceeds from the sale of the shares in the Offering, all of which will be paid to the Selling Shareholder. The Offering expenses will be paid by the Selling Shareholder.

Sohar International Bank has been appointed as the issue manager (“Issue Manager”). Oman Investment Bank, Sohar International Bank, EFG Hermes, Jefferies and JP Morgan, have been appointed as joint global coordinators (the “Joint Global Coordinators”). Crédit Agricole Corporate and Investment Bank and Société Générale have been appointed as joint bookrunners.

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