Oman-based Aqar Property Developers, which is established under Al Khonji Real Estate and Development LLC and is a subsidiary of Al Khonji Holding LLC, has revealed that is considering a proposed strategy of going public with an initial public offering (IPO) next year, news agency Reuters reported, citing the Company’s senior management.
"We are thinking of going public and sharing the profits with the stakeholders very seriously in the coming year after clearing the regulations set by the Capital Market Authority (CMA) and Muscat Securities Market (MSM) and meeting their requirements", Aqar Chairman and CEO Mohammed Abdulla al Khonji has said, adding that Aqar is a family business that has had to weigh the various pros and cons of becoming a public company.
According to legal provisions, 40% can be held by the Company and the rest has to be offered to the public.
In an exclusive interview with the Observer, Al Khonji highlighted that the ambitious developer has another major initiative to build its first Integrated Tourism Project (ITC) in the Sultanate soon.
"We are planning our first ITC which will be a complete township in the heart of the city or outskirts of the city. We are hoping that we will receive the no-objection from the authorities concerned to carry on with our ambitious project and the location can be anywhere in the country", Al Khonji revealed.
It is worth mentioning that the luxury developer has recently sold 100% of its Rimal 2, a 148-Unit integrated residential complex in Bausher, whose 80% was sold off in a few days after it was in offer. The sell-out was done in two weeks.
"Aqar is thoroughly committed to continue developing real estate projects that are built on the latest modern specification supported by a whole set of technologies and latest appliances to provide the owners with the standard living environment, in terms of strategic locations of these residential complexes, and the quality of construction", Aqar’s CEO and Chairman highlighted.
"We are thinking of going public and sharing the profits with the stakeholders very seriously in the coming year after clearing the regulations set by the Capital Market Authority (CMA) and Muscat Securities Market (MSM) and meeting their requirements", Aqar Chairman and CEO Mohammed Abdulla al Khonji has said, adding that Aqar is a family business that has had to weigh the various pros and cons of becoming a public company.
According to legal provisions, 40% can be held by the Company and the rest has to be offered to the public.
In an exclusive interview with the Observer, Al Khonji highlighted that the ambitious developer has another major initiative to build its first Integrated Tourism Project (ITC) in the Sultanate soon.
"We are planning our first ITC which will be a complete township in the heart of the city or outskirts of the city. We are hoping that we will receive the no-objection from the authorities concerned to carry on with our ambitious project and the location can be anywhere in the country", Al Khonji revealed.
It is worth mentioning that the luxury developer has recently sold 100% of its Rimal 2, a 148-Unit integrated residential complex in Bausher, whose 80% was sold off in a few days after it was in offer. The sell-out was done in two weeks.
"Aqar is thoroughly committed to continue developing real estate projects that are built on the latest modern specification supported by a whole set of technologies and latest appliances to provide the owners with the standard living environment, in terms of strategic locations of these residential complexes, and the quality of construction", Aqar’s CEO and Chairman highlighted.
Source:
Mubasher
