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EFG Hermes Completes Advisory on USD 748 Million IPO of OQ Gas Networks on the MSX – the Largest IPO in Oman’s History

The transaction, which marks the Firm’s second IPO in Oman this year, contributes to Oman’s drive to list state-owned institutions and enriches the stock market.

EFG Hermes, the leading investment bank franchise in Frontier and Emerging Markets (FEM), announced today that its investment banking division successfully completed advisory on the USD 748 million initial public offering (IPO) of OQ Gas Networks (OQGN), the exclusive operator of the gas transportation network in Oman, on the Muscat Stock Exchange (MSX). EFG Hermes acted as Joint Global Coordinator on the transaction.

OQGN offered a total of 49% of its total issued share capital equivalent to 2,122,005,720 shares at the top end of the range, 140 Baizas per share – implying a market capitalization of USD 1.6bn and marking the Sultanate’s largest IPO ever. The Offering included a Category I offer for institutional investors representing 40% of the total offer size, a sale to anchor investors representing 30% of the total offer size, and a discounted Category II retail offer representing the remaining 30%.

Saudi Omani Investment Company, a wholly owned entity of the Public Investment Fund of the Kingdom of Saudi Arabia, Falcon Investments LLC, a subsidiary of Qatar Investment Authority, the sovereign wealth fund of the State of Qatar, and Fluxys International SA/NV have each secured a 10% share of the IPO and are anchor investors for this offering.

The IPO was met with a robust OMR 4.0 billion (USD 10.4 billion) demand for shares from local, regional, and international investors, with the total book covered approximately 13.9 times. The company began trading today under the ticker “OQGN.”    

Karim Meleka, Managing Director at EFG Hermes’ Investment Banking Division, commented, “EFG Hermes is honored to have played a pivotal role in facilitating the successful IPO of OQGN – the Sultanate’s biggest IPO ever –contributing to Oman’s drive to list state-owned institutions and enriching the stock market. Our second Omani listing this year following the listing of OQ’s oil and gas drilling unit Abraj Energy Services, the deal underscores our commitment to delivering exceptional advisory services in FEM, further solidifying our position as a leading investment bank franchise in the region. Our expertise, combined with the robust demand witnessed for OQGN’s shares from local, regional, and international investors, reaffirms the appeal of GCC investments and the trust placed in EFG Hermes as a trusted partner in these markets. We look forward to continuing our growth and success in the region, building on this achievement and our strong legacy of advisory excellence.”

OQGN’s public listing on MSX has allowed domestic and international investors to invest in the attractive investment destination of Oman and participate in Oman’s Vision 2040, the long-term national development plan that aims to diversify its economy and enrich its dynamically developing Omani stock market.

The transaction marks EFG Hermes’ seventh advisory role on an IPO this year. Most recently, EFG Hermes advised on the IPO of ADES Holding Company on the Saudi Exchange, as well as the successful IPOs of ADNOC L&S and ADNOC Gas Plc on the Abu Dhabi Securities Exchange (ADX), IPO of Lumi Rental Company on the Saudi Exchange; Abraj Energy Services on the MSX; and Al Ansari Financial Services PJSC on the Dubai Financial Market (DFM).

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About EFG Holding

EFG Holding (EGX: HRHO.CA – LSE: EFGD) is a trailblazing financial institution with an over 40-year track record of success in 11 countries across four continents. Through its three verticals — the Investment Bank (EFG Hermes), Non-Bank Financial Institutions (NBFI) (EFG Finance), and Commercial Bank (aiBANK) — the Firm offers markets a holistic portfolio of disruptive financial products and services that serve a growing base of individual clients and businesses of all sizes.

EFG Hermes is the leading investment bank franchise in Frontier and Emerging Markets (FEM), providing a broad spectrum of financial services, including advisory, asset management, securities brokerage, research, and private equity. In our home market, EFG Holding is a universal bank with the fastest-growing NBFI platform, EFG Finance, that includes microfinance player Tanmeyah, leasing and factoring service provider EFG Corp-Solutions, universal financial technology powerhouse Valu, digital payment platform PayTabs EgyptBedaya for mortgage finance, and Kaf for insurance. Additionally, the Firm offers commercial banking solutions through aiBANK, a leading provider of integrated retail, corporate, and Islamic banking products in Egypt.

Proudly present in: Egypt | United Arab Emirates | Saudi Arabia | Kuwait | Pakistan | UK | Kenya | USA | Bangladesh | Nigeria | Singapore

Learn more about us at www.efghldg.com

For further information, please contact:

May El Gammal

Group Chief Marketing & Communications Officer of EFG Holding

melgammal@efg-hermes.com

Omar Salama

Communications Manager of EFG Holding

osalama@efg-hermes.com

The EFG Holding Public Relations Team

PublicRelations@EFG-Hermes.com

Note on Forward-Looking Statements 

In this press release, EFG Holding may make forward-looking statements, including, for example, statements about management’s expectations, strategic objectives, growth opportunities, and business prospects. These forward-looking statements are not historical facts but instead represent only EFG Holding’s belief regarding future events, many of which, by their nature, are inherently uncertain and are beyond management’s control and include, among others, financial market volatility; actions and initiatives taken by current and potential competitors; general economic conditions and the effect of current, pending, and future legislation, regulations and regulatory actions. Accordingly, the readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made.

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