Kunooz Oman Holding, one of the Sultanate’s major mining companies has plans to come up with an initial public offering (IPO) in the first half of 2017.
“The company, which has a paid-up capital of RO16mn, has received initial approval to offer 25 per cent stake in Kunooz Oman to the investing public through a share offer on the Muscat Securities Market. The percentage may vary or will remain the same,” said Kunooz Oman Holding chairman Salim Abdullah Al Rawas, while talking to the media on the sidelines of a shareholder agreement with Oman Investment Fund (OIF). As per the agreement, OIF will pick a 20 per cent stake in Kunooz Oman and will have two members on the company board. The inclusion of OIF as a shareholder is set to increase investor confidence, lend credibility and strengthen Kunooz Oman’s transformation into a public company.
Rawas said that there were numerous opportunities in the mining sector. Many companies have got licenses but are yet to start operations. “There is need to make the licensing process more simple and transparent,” he added.
Kunooz Oman is one of the Sultanate’s largest mining companies and comprises Al Rawas Mining, Mihwar Al Wifaq, Al Rawas Marble and Granite, Salalah Readymix and Al Rawas Transport, and two associate companies Majan Mining and Carmeuse Majan. Kunooz Oman’s current operations are well positioned to supply gypsum, limestone and lime to the Indian, Pacific Asian and East coast of African markets collectively fueled by strong activity in urbanisation and infrastructure sectors