Muscat:The Financial Services Authority (FSA) has approved the allocation results of the secondary offering of Asyad Shipping shares. The offering reached a total of 335,312,913 shares, representing 6.44% of the company's issued share capital, at an offer price of 195 baisas per share.

According to Oman News Agency, the allocation for Phase I to institutional investors included 260,437,214 ordinary shares, representing 5% of the company's issued share capital. These shares were offered to selected institutional investors through a private placement conducted via an accelerated book-building process.

For the retail tranche, demand totaled 194,293,900 shares, with total payments amounting to RO 37,887,310.5 through 11,205 subscription applications. The tranche was approximately three times covered before the increase in the offering size.

In response to strong demand, the retail tranche was increased by 15%, from 65,109,304 shares, representing approximately 1.25% of the company's share capital, to 74,875,699 shares, representing approximately 1.44% of the share capital. Following the increase, the subscription coverage stood at approximately 2.6 times.

The FSA approved a minimum allocation of 4,000 shares for each subscriber in the small retail investor category. The remaining shares were allocated on a pro-rata basis at approximately 19.4% of the outstanding shares requested after the initial allocation, in accordance with the terms set out in the prospectus.

For the large retail investor category, shares were allocated on a pro-rata basis at approximately 30.8% of the total shares requested.

The approval of the allocation results sets the stage for completing the procedures relating to subscribers and listing, in coordination with Muscat Clearing and Depository and the Muscat Stock Exchange.