Leading Omani tile manufacturer Al Maha Ceramics has opened a RO8-million ($20 million) initial public offering (IPO) of shares to be listed and traded on the Muscat Securities Market for subscription.

Dentons and its Omani associate S&A Law Firm acted as legal advisers, while Oman Arab Bank (OAB) acted as financial advisor and issue manager for the IPO.

Al Maha Ceramics’ distribution network is spread across the UAE, Saudi Arabia, Qatar, Bahrain, Syria, Lebanon, Jordan, Africa and South Asia.

Paul Sheridan, partner in Dentons' Corporate practice, said: "This IPO represents a significant development for Al Maha Ceramics, one that will help catapult it to the forefront of the ceramic tile market.  We are delighted to have been involved."

Lo’ai Bataineh, general manager and head of Investment Banking Group, OAB, said: “We are pleased to lead manage this IPO from a leading company in the Omani manufacturing sector and expect it to set the trend for others to follow.”

The legal team was led by Dentons' Sheridan and S&A Law Firm's Abdelrahman El Nafie. - TradeArabia News Service