Omani firm's IPO on hold

09 March 2010

Weak market conditions have forced Oman's Al Khalili Group, a family-owned industrial company, to postpone a planned initial public offering, Reuters has reported. 'The Al Khalili Group IPO is on hold because the market is not receptive to new issues just yet,' said Deputy General Manager of Oman Arab Bank, Loay Bataineh, the lead manager of the issue. An official from Al-Khalili Group who spoke on the condition of anonymity said prices of most listed companies now trade below their actual values which could prevent the company from getting the right price for the issue.

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