company planning Oman Energy “Okio” to list its drilling unit, “Abraaj Energy Services”, in the Muscat market in the first quarter of next year, according to informed sources told Bloomberg.
The offering is expected to raise $500 million.
Abraaj has selected EFG Hermes Holding, National Bank of Oman and Ahli Bank of Oman to advise on the planned initial public offering.
It is noteworthy that Abraaj Energy has not made a decision yet on the size of the possible subscription.
Okio was to partly exit the company through an initial public offering in 2015.
Abraaj made adjusted earnings before interest, tax, depreciation and amortization of regarding $90 million, according to information in Okiyo’s bond prospectus in April that said Abraaj was a non-core asset.
Okiyo intends to raise capital by selling equity stakes, initial public offerings, or selling entire units to investors.
