Construction

Oman’s Tilal to launch IPO in H2 2013

Company says market sentiments not currently favourable for launch

Tilal Development Company, the Oman based real estate developer, announced on Tuesday that it will launch its initial public offering in the second half of 2013.

A special purpose vehicle formed by Al Madina Group to develop real estate projects in the Sultanate, the developer had received an initial approval from the Capital Market Authority last year to offer a 25% stake in the IPO, the Muscat Daily reported.

“Presently we are looking at the market appetite such as major developments happening in the public sector. The market sentiments are currently not favourable,” said Abdul Rahman Barham, CEO of Al Madina Real Estate, the flagship company of the Al Madina Group.

Despite having received initial approval from the CMA to offer a 25% stake through IPOs, the offering is subject to a law which is under consideration in the cabinet that will allow firms to sell 25% stakes through IPOs.

At present, commercial law dictates that a company would need to offer a minimum of 40% stake to be listed on the Muscat Securities Market, the paper reported.

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