MARCH 3, 2024

OQ named liquidity provider for Abraj Energy, OQGN

MUSCAT: In its efforts to boost the financial market, Muscat Stock Exchange (MSX) celebrated on March 3, 2024, by ringing the bell to announce the appointment of OQ as the liquidity provider for its most recent publicly listed companies Abraj Energy Services and OQ Gas Networks (OQGN).

This move aligns with MSX's strategy to stimulate the capital market, enhance its position in supporting economic development, and support the goals of Oman Vision 2040.

The bell-ringing ceremony was attended by Muhaim bin Bashir al Jarf, Chairman of OQ, and Haitham bin Salem al Salmi, CEO of MSX. Al Salmi highlighted that the stock exchange launched the Market-Making initiative in collaboration with the National Program for Financial Sustainability. The goal is to balance supply and demand in the securities of listed companies, ensuring liquidity by appointing providers. He emphasized that companies are responding positively to this initiative by appointing liquidity providers, with OQ being appointed for Abraj Energy Services and OQ Gas Networks, two major energy sector companies.

This initiative is expected to encourage more companies to appoint liquidity providers, making MSX more attractive to a diverse range of investors. Al Salmi also emphasised the exchange's efforts to encourage companies to appoint liquidity providers for the importance of maintaining a balance between buying and selling orders, increasing securities liquidity.

Azan bin Abdul Latif, Deputy CEO for Subscriptions at OQ, stated that this move is part of a strategy to enhance the financial market industry, improve liquidity for listed companies on MSX, and boost investor and partner confidence. The strategy aligns with MSX's goal to become a thriving market, supporting economic diversification in line with Oman Vision 2040.

OQ Gas Networks is the exclusive owner and operator of Oman's natural gas transmission network. Abraj represents an integrated entity in the Omani oil and gas services sector, providing a wide range of services to industry players, including drilling platforms, well maintenance services, hydraulic fracturing, cementing, flexible pipes, comprehensive engineering solutions, and integrated project management. Both companies employ advanced technologies and equipment, contributing regionally and globally to the sector.

Source: Oman Observer