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Sages of Delhi? Astute forecasts on India’s listed companies circulate in WhatsApp groups

The messages shared in private WhatsApp groups regarding India’s listed companies could involve lucky guesses or astute forecasts, but would be a different matter if they were unpublished insider information. (Reuters)
Updated 16 November 2017
Reuters
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Sages of Delhi? Astute forecasts on India’s listed companies circulate in WhatsApp groups

Updated 16 November 2017
Reuters

MUMBAI: Three days before Dr. Reddy’s Laboratories announced quarterly results this summer, a message circulated on a private WhatsApp group saying the Indian drugmaker would not post good numbers.
Dr. Reddy’s was going to report a loss, according to the message on the “Market Chatter” group, which was posted on July 24 from a mobile phone number that Reuters traced back to Nishant Vass, an auto analyst at ICICI Securities, a leading Indian brokerage. The WhatsApp group had 45 members, mostly traders.
The loss would have been a surprise to many analysts, as consensus forecasts compiled by Thomson Reuters at the time showed expectations of a profit of 3 billion rupees.
The message proved prescient: On July 27, Dr. Reddy’s reported a loss of 587 million rupees (SR33.6 million) — a result its chief executive said was “below expectations,” sending shares down as much as 4.4 percent.
The post that circulated in the WhatsApp group three days earlier had predicted a loss of more than 500 million rupees.
A person who identified himself as Vass returned a call from Reuters using the telephone number from which the Dr. Reddy’s numbers had been posted on the WhatsApp group. He denied writing or sharing posts in the group, adding later in a separate WhatsApp message from the same number that it was “totally baseless” that he had done so.
Reuters has documented at least 12 cases of prescient messages about major Indian companies, including Dr. Reddy’s, being posted in private WhatsApp groups.
Two of the messages appeared in the transcripts of six groups reviewed by Reuters, including the “Market Chatter” group where the Dr. Reddy’s numbers appeared. The others were shared on condition of anonymity by two other members of other WhatsApp groups.
The posts with prescient numbers in the WhatsApp groups were circulated hours or days before official company statements.
The messages shared could involve lucky guesses or astute forecasts based on publicly available information, and not all metrics shared among the 12 cases were exactly the same as reported.
Reuters could not determine where the numbers posted on the WhatsApp groups originated or whether any of the market participants who received the messages had traded on the basis of the numbers they had seen.
According to two lawyers who were formerly senior officials at the Securities and Exchange Board of India (SEBI), the country’s capital markets regulator, if any numbers being posted on WhatsApp groups were determined by regulators to be “unpublished price-sensitive information,” the people circulating them would be breaking the law.
“The mere sharing of information that could be unpublished insider information is outlawed, even if you don’t misuse the information to trade on it,” said Sandeep Parekh, a lawyer with Finsec Law Advisers who used to head SEBI’s enforcement division.
SEBI did not respond to requests for comment.
India significantly toughened insider trading rules in early 2015, expanding what constitutes “unpublished price-sensitive information” to include “any information” that is not “generally available” and that could have a market impact.
The law also expanded the scope of who constitutes an “insider” to include “anyone in possession of or having access to unpublished price-sensitive information” regardless of how they came “in possession of or had access to such information.”
“You don’t need to have gotten inside information from a company. You could get it from anywhere,” said Vaneesa Agrawal, a partner with Suvan Law Advisers who formerly worked in SEBI’s legal department. “As soon as you have information that could be insider information you are an insider, and you are not supposed to either pass it on or trade on it.”
Circulating “unpublished price-sensitive information” can result in penalties of up to 250 million rupees and a jail term of up to 10 years. The monetary amount can be higher if it can be proven that an individual traded on such information.
ICICI Securities said in a statement that it had “zero tolerance toward any dissemination of unpublished price sensitive information and has an appropriate framework to safeguard confidentiality of information.”
Dr. Reddy’s said it was “not aware of any information related to its financial results being circulated externally ahead of statutory disclosures that are made officially by the company.”
The messages about the 12 companies with prescient information obtained by Reuters involved mostly what were characterized as being upcoming quarterly results, including specific metrics such as net profits, revenues and operating margins.
They also included messages about upcoming bonus share issues or revenue guidance.
Seven of the companies are part of the benchmark NSE index : Dr. Reddy’s, the drug maker Cipla, Axis Bank, HDFC Bank, Tata Steel, the IT services company Wipro and Bajaj Finance .
The other five were Mahindra Holidays and Resorts, Crompton Greaves Consumer Electricals, the IT services providers Mindtree and Mastek , and India Glycols, a petrochemicals company.
Wipro, Bajaj Finance, HDFC Bank, Mastek, Crompton Greaves, Cipla and Mahindra Holidays said they were not aware messages referring to their upcoming results or announcements had circulated in WhatsApp, and that the companies adhered to strict standards of guarding sensitive company information.
Axis Bank, Tata Steel, India Glycols, Mindtree did not reply to requests for comment.
WhatsApp, which is owned by Facebook, responded to a request for comment by pointing to its terms of service, which state users can use the platform only for “legal, authorized, and acceptable purposes.”
Many of the postings in the WhatsApp groups are referred to as “HOS,” for “Heard on the Street.”
In one typical post on July 25, Fanil Motiwalla, a contractor for a small brokerage, Arcadia Share & Stock Brokers, posted a set of numbers for Axis Bank, India’s third-largest private lender. Motiwalla works as a sub-broker, who are typically hired as contractors by securities firms in India to recruit customers.
“This HOS is going around for Axis,” Motiwalla said when posting the numbers, which included key metrics such as gross non-performing assets and net interest margins.
Later that day, Axis Bank reported results that closely matched the final numbers in Motiwalla’s message.
Arcadia said it had policies in place to prevent employees from passing on “illegal information.”
Motiwalla said he just reposted a message that had already been circulating in the market and he did not consider it inside information.
“How do I know if this is coming from inside information? This could come from many sources,” he said. “This information comes from different groups, and we just post it.”
Arcadia said every sub-broker it hired was given a copy of SEBI’s rules, adding, “whatever the alleged message sent by him is not sourced from Arcadia,” referring to Motiwalla.
Below are examples of the numbers being circulated with an explanation of local market abbreviations and terms.

DR. REDDY’S:
POSTED MESSAGE (July, 24, 2017)
“Fwd HOS: Dr. reddy to report loss of more than 50cr vs exp of 280 to 300cr pat. No one offs“
(Forwarded Heard on the Street: Dr. Reddy’s to report a loss of over 500 million rupees ($7.7 million) vs expectations of an after tax profit of 2.8 to 3 billion rupees. No one off items.)
COMPARISON WITH OFFICIAL RESULTS:
On a consolidated basis under Indian accounting standards, Dr. Reddy’s posted a loss of 587 million rupees. The message had forecast a loss of more than 500 million rupees.

HDFC BANK:
POSTED MESSAGE (July, 21, 2017)
“Hearing Hdfc Bank PAT @ 3900 crs & 1.25 GNPA vs 1.04“
(Profit after tax will be 39 billion rupees and gross non-performing asset ratio will be at 1.25 percent vs 1.04 percent.)
“Consensus estimate is 3950 crs. Our estimate is 3973 crs so 3900 is not a good number. Numbers on Monday.”
(Consensus estimate 39.5 billion rupees, our estimate 39.73 billion rupees.)
COMPARISON WITH OFFICIAL RESULTS:
HDFC Bank posted a profit after tax of 38.94 billion rupees. Its GNPA was 1.24 percent. The message had predicted a profit of 39 billion and a GNPA of 1.25 percent.

AXIS BANK:
POSTED MESSAGE (July, 25, 2017)
“Gnpa 5.03; Nnpa 2.30; Nim 3.63; Slippages 8000 cr – only 35 percent from wishlist; Write off 2300 cr; Casa 48.33; This HOS is going around for Axis“
(Gross non-performing assets (GNPA) 5.03 percent; net non-performing assets (NNPA) 2.30 percent; net interest margins 3.63 percent; slippages will be mostly from outside the watch-list; Write offs of 23 billion rupees; Current and savings account (CASA) deposits at 48.33 percent)

COMPARISON WITH OFFICIAL RESULTS:
GNPA: 5.03 vs 5.03; NNPA: 2.30 vs 2.30; NIM: 3.63 vs 3.63; Slippages: 35.19 billion rupees vs 80 billion rupees (majority were from outside watch-list); Writeoff: 24.6 billion rupees vs 23 billion rupees; CASA: 49 percent vs 48.33 percent.

TATA STEEL:
POSTED MESSAGE (May 16, 2017)
“Hearing Tata steel Revenue — 33,900. (net excise), Ebitda 7000, EBIT 5400, PBT 257, PAT -700. Exceptional item -4000.”
(Revenue 339 billion rupees; Earnings before interest, taxes, depreciation and amortization (EBITDA) 70 billion rupees; earnings before interest and taxes (EBIT) 54 billion rupees; profit before tax (PBT) is 2.57 billion; profit after tax (PAT) loss of 7 billion; one-time items 40 billion rupees)
COMPARISON WITH OFFICIAL RESULTS:
Gross sales 348 billion vs 339 billion; EBITDA 69.82 billion vs 70 billion; EBIT 53.93 billion vs 54 billion; Exceptional items 40.69 billion vs 40 billion; PBT 2.59 billion vs 2.57 billion; PAT loss of 7.17 billion vs loss of 7 billion.

MAHINDRA HOLIDAYS
POSTED MESSAGE (May, 19, 2017)
“Mahindra holidays will declare a bonus today“
COMPARISON WITH OFFICIAL ANNOUNCEMENT:
1 for 2 bonus share issue announced after hours.

Topics: Markets India WhatsApp

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Qatar’s duty to help Syria, global debt poses economic crisis: Finance minister

Updated 22 January 2025
Mustafa Abu Sneineh
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Qatar’s duty to help Syria, global debt poses economic crisis: Finance minister

  • Syrian leadership’s promises ‘very positive,’ Ali Ahmed Al-Kuwari tells World Economic Forum
  • Fiscal deficit, rising borrowing affecting many countries are ‘problems that few want to discuss’
Updated 22 January 2025
Mustafa Abu Sneineh

DAVOS: Qatar considers it a duty to support Syria and its new administration after 14 years of devastating civil war, Qatari Finance Minister Ali Ahmed Al-Kuwari said on Wednesday.

The cost of reconstructing Syria is estimated at $400 billion, as the country needs to rebuild the housing, industrial and energy infrastructure damaged during the conflict.

Since 2011, Qatar supported Syrian opposition factions that captured the seat of power in Damascus in early December 2024.

Doha also avoided reestablishing diplomatic relations during the twilight months of the Assad regime, which rejoined the Arab League in 2023.

Al-Kuwari, who visited Syria last week, said: “The whole world is supposed to help Syria (right now). The words and promises from the leadership there are promising and very positive.”

He added that the new leadership, led by rebel-turned-statesman Ahmed Al-Sharaa, recognizes that the task ahead is transitioning from insurgency to building Syrian institutions.

“This task will need the help of the world. We can’t afford Syria going back to the (years) of bloodshed again,” Al-Kuwari said.

“We’ll invest in education (to help the Syrians) because educated people will work hard, they’ll make money, they’ll prosper and grow.”

The Qatari minister made these comments during the “Navigating the Fiscal Squeeze” panel at the World Economic Forum in Davos, which discussed challenges for financial growth, global debt and rising inflation.

The panel included speakers from the International Monetary Fund, the UCLA School of Law, the London Stock Exchange Group, and Zimbabwe’s Finance Minister Mthuli Ncube.

Syrians watch fireworks as they gather for New Year's Eve celebrations in Damascus after the fall of Assad (AFP)

Qatar has one of the highest per capita incomes in the world, making it one of the wealthiest nations due to its abundant natural gas and oil reserves.

However, the country dealt with several challenges following the COVID-19 pandemic, leading to an inflation rate of 5 percent in 2022.

Doha was not alone in facing these difficulties; the pandemic contributed to a nearly 4.4 percent contraction of the global economy in 2020. 

Al-Kuwari said Qatar is pursuing a policy of fiscal discipline, which has allowed the country to maintain a budget surplus and low debt levels, as well as effectively manage any economic challenges it encounters.

“We’ve developed a medium-term fiscal policy framework for the upcoming 20 years, with different scenarios of revenues based on oil prices, taxation and spending scenarios ... (Based on that) we decide to invest or save,” he said, adding that the fiscal deficit and rising borrowing affecting many countries are “problems that few want to discuss,” which poses the threat of a financial crisis.

An IMF report projected that global debt — including government, business and personal borrowing — will exceed $100 trillion, about 93 percent of global gross domestic product, by the end of 2024. It is expected to reach 100 percent of GDP by 2030.

“There will be a huge impact if we don’t do anything about it today,” Al-Kuwari warned. “So many people focus on economic growth and creating quick wins for their economy while the fiscal issues get forgotten.

“The fiscal balance should complement the economic growth, and we shouldn’t have growth at the expense of the fiscal.”

Topics: WEF 2025 Qatar Syria

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Saudi Arabia’s non-oil GDP defying expectations, finance minister tells World Economic Forum

Updated 23 January 2025
DANIEL FOUNTAIN
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Saudi Arabia’s non-oil GDP defying expectations, finance minister tells World Economic Forum

  • IMF downgrading of Kingdom’s growth projection for the year ahead did not paint the full picture, says Minister Mohammed Al-Jadaan
  • KSA’s economic diversification was driving steady growth, with the Kingdom prioritizing its non-oil GDP over traditional oil revenues, he said
Updated 23 January 2025
DANIEL FOUNTAIN

DAVOS: Saudi Arabia’s finance minister on Wednesday said that the recent International Monetary Fund downgrading of its growth projection for the Kingdom’s economy for the year ahead did not paint the full picture.

Speaking on a panel at the annual meeting of the World Economic Forum in Davos, Mohammed Al-Jadaan said that it was important not to look just at gross domestic product but at other indicators as well.

The IMF revised Saudi Arabia’s 2025 GDP growth projection down to 3.3 percent, citing the impact of extended oil production cuts. 

Saudi Arabia’s commitment to economic diversification under Vision 2030 was driving steady growth, with the Kingdom prioritizing its non-oil GDP over traditional oil revenues. 

“The whole idea of Vision 2030 is to diversify our economy. So our focus is really the non-oil GDP, and non-oil GDP has been growing very healthily over the last few years,” he said.

Al-Jadaan underscored the significance of private-sector confidence, pointing to a sharp rise in private-sector investment as a percentage of GDP — from 16–17 percent a few years ago to 24 percent today.

“That 50 percent increase is not easy. Ask any economist, and they will tell you it requires significant structural change, and it is happening in Saudi Arabia,” he said.

Saudi Arabia had also made strategic decisions to contain oil production despite having significant spare capacity. “We can produce 1,000,000 barrels more per day and we will have the highest-growing GDP in the world, but how is this helpful? It isn’t, actually,” Al-Jadaan said.

“We need to be very careful when we look at GDP as a measure for growth because you need to look at other indicators,” he added.

With unemployment rates at historic lows and the private-sector thriving, Saudi Arabia continued to make “tough, difficult decisions” to sustain long-term growth. “If you want to see it, you will need to make tough decisions,” Al-Jadaan said.

Al-Jadaan also highlighted the role artificial intelligence could play in this diversification of the economy, saying in the future that the Kingdom could be exporting data instead of oil.

“I think AI is a trendy term, but if we are not careful we could be left behind,” he said. “We need to think: Where is our competitive advantage within the value chain of AI?”

To build the necessary infrastructure for AI, significant amounts of energy, particularly clean and renewable energy, were required, he said. This effort also demanded substantial land for renewable projects, robust fiber-optic networks and a skilled workforce.

According to Al-Jadaan, Saudi Arabia’s competitive edge lies in its ability to produce the world’s cheapest solar power, its government’s agile and supportive policies allowing quick licensing and approvals, and the Kingdom’s plans to implement regulatory measures that treat data centers with the same protections as embassies, ensuring robust security and compliance with international standards.

He also highlighted that Saudi Arabia was a world leader in government cybersecurity, adding that it was “handled, operated, managed, programmed and coded 100 percent by Saudi talent.”

Discussing the broader Middle East and North Africa region, which is projected to rebound from a growth rate of 2 percent in 2024 to 3.5 percent in 2025, according to IMF projections, Al-Jadaan said that he was optimistic about the region’s prospects.

He acknowledged its significant challenges, including high youth unemployment and geopolitical crises.

“MENA has possibly the highest youth unemployment in the world, at I think 27, 28 percent. MENA needs to create, according to the IMF, about 30 million new jobs by 2030,” he said.

Despite these challenges, Al-Jadaan highlighted the region’s strengths, including a young, tech-savvy population and abundant natural resources. “If we focus on human capital, if we focus on skilling our people in MENA, I think the potential is absolutely high,” he said.

He also called for regional stability and reform to unlock long-term potential, adding: “With the right ingredients of reforming governments, reforming governance and utilizing technology to our own competitive advantage, I think we’d see a new region.”
 

Topics: WEF 25 IMF

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Saudi Vision 2030 spurring growth across the real estate sector, says industry leader at Davos

As one of the world’s top 20 economies, Saudi Arabia’s evolving real estate market reflects its broader ambitions. (Supplied)
Updated 22 January 2025
DANIEL FOUNTAIN
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Saudi Vision 2030 spurring growth across the real estate sector, says industry leader at Davos

  • Sustainability is at the heart of Saudi Arabia’s real estate development, says Dar Al-Arkan Chairman Yousef Al-Shelash
  • Housing demand in Saudi Arabia is surging, driving the need for significant funding and development
Updated 22 January 2025
DANIEL FOUNTAIN

DAVOS: Saudi Arabia’s real estate sector is undergoing a transformation that ranges from affordable housing to luxury living under the Kingdom’s Vision 2030 reform agenda, according to the chairman of Saudi company Dar Al Arkan.

Yousef A. Al-Shelash highlighted the strides being made during a conversation with Arab News at the annual meeting of the World Economic Forum in Davos on Wednesday.

“The Vision 2030 has developed the whole economy, not only the real estate sector,” Al-Shelash said. “It’s developed not only the approach of the sector, but it has also brought a new standard in regulations to be as good as we deserve.”

As one of the world’s top 20 economies, Saudi Arabia’s evolving real estate market reflects its broader ambitions. “As a country, we are one of the big 20 economies of the world, so we believe the Saudis deserve more,” Al-Shelash added.

s one of the world’s top 20 economies, Saudi Arabia’s evolving real estate market reflects its broader ambitions. (Supplied)

Vision 2030 places a strong emphasis on affordable housing and improving living standards for Saudi citizens. Al-Shelash said that the government is playing a proactive role in ensuring these goals are met.

“The vision is there not only to facilitate for the developers and for the foreign investors, but also to facilitate affordable housing for most of the Saudi citizens,” he said.

The Kingdom’s growing population and rapid urbanization have led to a pressing demand for housing.

“The Kingdom needs more housing, and that requires a lot of funding and development,” Al-Shelash said.

He emphasized the role of government entities such as the Public Investment Fund and the Ministry of Housing in elevating the industry’s standards.

As one of the world’s top 20 economies, Saudi Arabia’s evolving real estate market reflects its broader ambitions. (Supplied)

“The government itself has entered to become a developer or a service provider, not just to compete with the private sector, but to raise the standard,” he said.

In addition to affordable housing, Saudi Arabia is experiencing strong demand in the ultra-high-net-worth individual market. “There's a lot of demand. We have more than 3,000 brokers worldwide, a lot of demand from foreign entities to invest in (the Kingdom) and to hold a second home in Saudi Arabia,” he added. He also expressed his confidence that regulatory changes to facilitate such investments “will be coming any time now.”

Dar Global, the international arm of Dar Al Arkan of which Al-Shelash is vice-chairman, listed on the London Stock Exchange in 2023 and Al-Shelash underscored the significance of this move. “London is for sure an attractive market for Saudi investors. The stock exchange there is one of the best worldwide. So that will put the company on a very high standard regulation,” he said.

The listing not only positions Dar Global among the world’s most regulated markets but also strengthens its ability to collaborate with local partners in diverse regions. “To be a developer, you have to be with some other partners. So, if you would like to do some joint ventures or work with other companies — because the real estate industry is everywhere — it’s about local knowledge,” he said.

Developing real estate sustainably is becoming a cornerstone of the Kingdom’s development strategy, and this is the case for Dar Al Arkan, domestically and internationally. “Developing sustainably is about embracing and using the technology that’s out there and facilitating green practices wherever possible,” Al-Shelash said.

 

Topics: WEF 2025 Saudi Vision 2030

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AI can offer solutions for water scarcity say WEF panelists

Updated 22 January 2025
Arab News
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AI can offer solutions for water scarcity say WEF panelists

  • Christophe Beck: We need to redesign our processes being data centers, mill production, or processors in ways that the water never leaves the site
  • Fabrizio Palermo: AI can also help in the transportation of water because it’s a question of managing data
Updated 22 January 2025
Arab News

DUBAI: Artificial intelligence can be used to reduce wastewater and redesign systems to facilitate resource recycling, a panel of experts told the World Economic Forum in Davos.

Christophe Beck, chairman and CEO of Ecolab, said countries are becoming aware of the need for water to produce chips that get into the AI chain, which could, in return, be used to reduce wastewater.

According to UN figures, by 2030, more than half of the world’s population will be water stressed, affecting economics, health and existing food scarcity and threatening $1.6 trillion in assets.

“We need to redesign our processes being data centers, mill production, or processors in ways that the water never leaves the site. That’s what we do in data centers related to chip cooling where water never leaves the data centers, unlike the old technologies,” Beck said.

He called for legislations that enable the use of new technologies to reuse water, which ultimately saves energy. “Up to 75 percent of the energy used by power plants is used to manage, heat, cool, transport and treat water. When we reuse and recycle the water, we save energy and money, as well as reduce carbon footprint,” Beck said.

The Water Resilience Coalition aims to get 150 companies that affect a third of the world’s water usage to make three commitments: to save water by saving energy and leveraging technology; work on the 100 most critical basins that are serving 3 billion people; and provide water to 300 million people.

“It is business driven, and it is capital that’s invested at a return, creating a business model that is ultimately much more sustainable and provides water for people in need,” Beck said.

Fabrizio Palermo, CEO and general manager of Acea, emphasized the need for investment and funding in water resilience, given water’s importance to agriculture, industry, energy and AI.

An ecosystem needs to be created to protect sources, collect rainwater properly and achieve maintenance on basins, he said.

“AI can also help in the transportation of water because it’s a question of managing data. This infrastructure in Europe has been designed more than 56 years ago where the landscape in terms of technology was completely different and no one is in a situation to do predictive maintenance on this infrastructure,” Palermo said.

He called for net zero in water to avoid waste and curb government spending on health.

“It is very important that the water is reused and not sent to the rivers and then to the sea because water is linked with water. Government spending on health is related to water because the consequences of not having proper fresh water are evident nowadays,” Palermo said.

Meanwhile, Fajer Mushtaq, co-founder and CEO of Oxyle, warned of the effects of synthetic chemicals, known as PFAS compounds, on water contamination in Europe, calling for regulations and corporate responsibility to tackle water treatment and monitor the safety of discharged substances.

“I think it’s a systematic problem. The biggest barrier is to enable a proper treatment of water, which is not just going to be from a PFAS perspective, but our system that makes micropollutants.”

Technology needs to be directed at creating a new ecosystem, guided by clear regulations, to ensure safe water is provided for communities, Mushtaq said.

Topics: WEF 2025 artificial intelligence (AI) Ecolab Christophe Beck Acea Fabrizio Palermo Oxyle Fajer Mushtaq

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Oman’s Asyad Group plans to sell at least 20% of shipping unit via IPO

Updated 22 January 2025
Reuters
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Oman’s Asyad Group plans to sell at least 20% of shipping unit via IPO

  • Offering will be made in two tranches, with 75% made to eligible investors in Oman and qualified institutional and other foreign investors
  • Remaining 25% will be sold to retail investors in Oman
Updated 22 January 2025
Reuters

DUBAI: Oman’s state-owned logistics firm Asyad Group plans to sell shares in its shipping subsidiary through an initial public offering, it said on Wednesday, as part of the Gulf country’s privatization drive.
The group, owned by Oman’s sovereign wealth fund, plans to sell a stake of at least 20 percent in Asyad Shipping Co. and float it on the Muscat stock exchange, it said in a document detailing its intention to float.
“The intended listing would provide investors with the opportunity to invest in one of the world’s largest diversified maritime shipping companies and a key player in the Omani economy,” the company said.
Oman is pushing forward with a privatization drive to attract foreign investors.
That strategy, along with fiscal reforms, has helped the sultanate pay down debt and turn its large fiscal deficit of recent years into a surplus since 2022.
Asyad Shipping focuses on transporting liquefied natural gas, crude oil and other products. It lists energy firms BP and Shell, as well as trading firm Trafigura among its customers and partners.
Reuters reported in July last year that Asyad was planning an initial public offering of the subsidiary and had selected Jefferies Group and EFG Hermes as advisers.
The offering will be made in two tranches, with 75 percent made to eligible investors in Oman and qualified institutional and other foreign investors. Of the 75 percent tranche, 30 percent of shares have been earmarked for anchor investors, the firm said, without naming them.
The remaining 25 percent will be sold to retail investors in Oman.
The subscription period is expected to start next month, after the company has received regulatory approval.
Asyad Shipping plans to pay dividends semi-annually, beginning in September 2025 for the first six months of this year.
The company posted an adjusted core profit margin of 69 percent for the first nine months of last year, up from 65 percent over the same period in 2023.
Oman Investment Bank, EFG Hermes, JP Morgan and Jefferies are acting as joint global coordinators. Sohar International is acting as joint global coordinator and as issue manager.
Credit Agricole and Societe Generale are joint bookrunners.

Topics: Oman Asyad Group IPO shipping Muscat Stock Exchange initial public offerings (IPOs)

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