Asyad Group offers 6.25% stake in Asyad Shipping

21/10/2026 06:00 AST

Asyad Group has proposed to sell up to 6.25% of the issued share capital of Asyad Shipping Company through an additional public offering, comprising a 5% institutional tranche and a retail tranche of up to 1.25%.

The offering aims to increase Asyad Shipping's free float to above 25%, meeting the minimum free float requirement set by the Financial Services Authority (FSA), according to a disclosure submitted to the Muscat Stock Exchange (MSX).

The transaction follows Asyad Shipping's initial public offering (IPO) in March 2025, when Asyad Group sold approximately 1.042bn shares worth more than RO128.1mn, representing 20% of the company's share capital at the time.

The latest additional offering involves the sale of existing shares held by Asyad Group and will not raise fresh capital for Asyad Shipping.

The institutional tranche will be conducted through an accelerated bookbuilding process that began on Tuesday and is scheduled to close on October 22. The offer is open to eligible investors in Oman and certain institutional investors outside the United States under Regulation S of the US Securities Act of 1933.

The offer price will be determined by Asyad Group in consultation with the joint global coordinators following the bookbuilding process. The final price and share allocations are expected to be announced on October 26, subject to FSA approval, with settlement and listing of the institutional tranche scheduled for November 4.

The retail tranche will open after the institutional bookbuilding process, with shares offered at the same price. Further details will be provided in an offering circular to be published after the institutional bookbuilding closes, subject to FSA approval, Asyad Shipping said.

Oman Investment Bank and Sohar International Bank have been appointed joint global coordinators and issue managers for the transaction.

The proposed additional offering of shares comes as Asyad Shipping reports stronger earnings and pursues an ambitious fleet expansion programme. The company recorded net profit after tax of RO67.7mn for the nine months ended September 30, 2026, up 107% from RO32.6mn in the corresponding period last year.

Asyad Shipping's estimated contracted future revenues stood at RO850mn as of June 30, covering the period from the second half of 2026 to 2036. Of this, RO154mn was attributable to the second half of 2026. The contracted revenue backlog reflects long-term agreements that typically include an initial firm period and optional extensions.

The company plans to invest up to RO1.4bn between 2026 and 2030 to support its growth initiatives, with more than RO700mn already committed. The capital expenditure programme will be financed through internal resources and external bank financing, it said.

Asyad Shipping operates across five business segments: gas shipping, crude shipping, products shipping, dry bulk shipping and liner shipping. As of June 30, 2026, its fleet comprised 91 vessels, including 48 owned or co-owned vessels, 31 chartered-in vessels and 12 on order, with an aggregate capacity of approximately 12 million deadweight tonnes (DWT).

Muscat Daily