(MENAFN - Muscat Daily) Al Maha Ceramics Co one of the largest ceramic tile producers in Oman is planning to open its much-awaited initial public offering (IPO) on September 16.
Al Anwar Holdings Co which holds a 36.06 per cent stake in Al Maha Ceramics said in a filing to the local bourse on Tuesday that Al Maha Ceramics has proposed keeping IPO subscription open from September 16 to October 15.
Speaking to Muscat Daily Arvind Bindra CEO of Al Maha Ceramics said that the company has submitted the prospectus with the Capital Market Authority (CMA) and is awaiting the market regulator's approval. He said 'We have proposed the date for the IPO but this is subject to CMA approval.'
Bindra added that the date of listing of shares on the MSM will be disclosed once approval is received. Oman Arab Bank (OAB) will be the issue manager for the share sale.
Al Maha Ceramics will offer 20mn shares at 397bz each (including 2bz towards issue expense) in the IPO for an offer size of nearly RO8mn. The company will divest 40 per cent of its RO5mn paid-up capital.
Al Anwar Holdings in its second quarter directors' report said that Al Maha Ceramics recorded a 19 per cent growth in revenue and significant growth in profits for the quarter from a year ago.
Located in the Sohar Industrial Area Al Maha Ceramics has the capacity to produce 6mn sq m of ceramic tiles per annum. Bindra said the company has plans to expand its production capacity by an additional 5.3mn sq m per annum subject to government approval for additional gas allocation.
Al Maha Ceramics manufactures international quality ceramic wall tiles floor tiles border and highlighter tiles. The company's distribution network is spread across UAE Saudi Arabia Qatar Bahrain Syria Lebanon Jordan Africa and South Asia.