Asyad Group Raises US$132 Million from Share Sale in Its Shipping Line

Omani state-owned Asyad Group raised OMR 50.8 million (US$132 million) through the sale of a 5% institutional stake in shares of its shipping unit, Asyad Shipping, which is listed in Muscat. The placement was priced at 195 baisa per share, and the institutional bookbuilding process closed heavily oversubscribed, with demand from investors in Oman and international markets.

The institutional tranche comprised approximately 260.4 million existing shares held by Asyad Group, meaning Asyad Shipping will not receive any proceeds from the sale. Upon completion of the transaction, the company's free float will rise to 25%, meeting the minimum threshold required by Oman's Financial Services Authority. Settlement and listing of the institutional shares is expected on November 4, with Asyad Group's remaining stake subject to a 180-day lock-up following settlement. In parallel, the group is offering up to 65,109,304 shares, equivalent to 1.25% of Asyad Shipping's capital, to retail investors at the same price of 195 baisa, in an offer running from October 28 to November 2, 2026.

The transaction follows Asyad Shipping's initial public offering in March 2025, when Asyad Group sold a 20% stake in the company, equivalent to 1,041,748,856 shares at 123 baisa each. That IPO raised about OMR 128.1 million (US$333.2 million) and valued Asyad Shipping at approximately OMR 641 million (US$1.67 billion) at the time of listing.

Asyad Shipping operated a fleet of more than 90 vessels with a capacity of about 13 million deadweight tonnes across the gas, crude, products, dry bulk and liner shipping segments, serving customers in more than 60 countries. According to data as of end-June, the fleet included 48 owned or co-owned vessels, 31 chartered-in vessels and 12 under construction, among them eight MR product tankers ordered from HD Hyundai and three VLCCs contracted at Hanwha Ocean. The company also sold three secondhand tankers in September, including two VLCCs, for a total of OMR 68.44 million (US$178 million). In the first nine months of 2026, Asyad Shipping reported revenue of OMR 277.4 million (US$721.5 million), EBITDA of OMR 183.1 million (US$476.2 million) and net profit of OMR 67.7 million (US$176.1 million).

Asyad Group is wholly owned by the Oman Investment Authority, the country's sovereign wealth fund, and serves as Oman's principal state-owned logistics and maritime operator.