Asyad Group of Oman has priced a $132 million (OMR50.8m) share sale in Asyad Shipping to expand its shareholder base. This move will lead to a reduction in Asyad Group's ownership.
Transaction Details
Asyad Shipping announced on the Muscat Stock Exchange that the book-building process for the institutional share sale has been significantly oversubscribed and well-received. This transaction includes 5% of the issued share capital of Asyad, and upon completion, the free float of the company's shares will reach 25%, which complies with the minimum requirements set by Oman's Financial Services Authority.
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Future Plans and Share Status
The shares in question are being sold by Asyad Group, and the group will benefit from the proceeds of the sale. No new shares will be issued, and Asyad Shipping will not receive any proceeds from this sale. Additionally, Asyad Group is preparing a retail sale proposal for up to 1.25% of the shipping company's shares, subject to regulatory approval.
The settlement and listing date for the institutional shares is expected to be November 4, 2023. The remaining shares owned by Asyad Group will be subject to a 180-day lock-up period after settlement.
This transaction follows the initial public offering of Asyad Shipping in March 2025, which raised approximately $333 million and made 20% of the company's shares publicly owned. Since listing, the company has continued to expand and modernize its fleet across various sectors, including tankers, dry bulk, gas, and containers.
As of the end of June 2023, Asyad Group operated a fleet of 91 vessels, including 48 owned vessels, 31 chartered vessels, and 12 newly built vessels. The company's recent investment plan includes eight MR product tankers supported by chartering ordered at HD Hyundai and three VLCCs contracted this year at Hanwha Ocean.
Asyad also continues to raise capital through the sale of second-hand vessels. In September 2023, the company agreed to sell three older tankers for a total of 68.44 million OMR ($178 million), including two VLCCs.
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