Asyad Group prices $132m shipping stake sale

Oman’s Asyad Group has priced an institutional share sale in its listed shipping subsidiary at OMR50.8m ($132m), reducing its ownership as part of a move to broaden the company’s shareholder base.

Muscat-listed Asyad Shipping said the institutional bookbuilding process closed heavily oversubscribed.

The transaction covers 5% of Asyad Shipping’s issued share capital. Upon completion, the company’s free float will rise to 25%, meeting the minimum requirement set by Oman’s Financial Services Authority.

The shares are being sold by parent Asyad Group, which will receive the proceeds. No new shares are being issued, and Asyad Shipping will not receive any of the funds.

The group is also preparing a separate retail offering of up to 1.25% of the shipping company at the same price, subject to regulatory approval.

Settlement and listing of the institutional shares are expected on November 4. The remaining shares held by Asyad Group will be subject to a 180-day lock-up following settlement.

The transaction follows Asyad Shipping’s March 2025 initial public offering, which raised approximately $333m and brought 20% of the company into public ownership.

Since listing, the company has continued expanding and renewing its fleet across the tanker, dry bulk, gas and container sectors.

Asyad operated a fleet of 91 vessels at the end of June, including 48 owned or co-owned ships, 31 chartered-in vessels and 12 newbuildings.

Its latest investment programme includes eight charter-backed MR product tankers ordered at HD Hyundai and three VLCCs contracted at Hanwha Ocean earlier this year.

The company has also been recycling capital through secondhand sales. In September, it agreed to dispose of three ageing tankers for a combined OMR68.44m ($178m), including two VLCCs.

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