DUBAI, Jan 22 (Reuters) - Oman's state-owned logistics

firm Asyad Group plans to sell shares in its shipping subsidiary

through an initial public offering, it said on Wednesday, as

part of the Gulf country's privatisation drive.

The group, owned by Oman's sovereign wealth fund, plans to

sell a stake of at least 20% in Asyad Shipping Co and float it

on the Muscat stock exchange, it said in document detailing its

intention to float.

"The intended listing would provide investors with the

opportunity to invest in one of the world's largest diversified

maritime shipping companies and a key player in the Omani

economy," the company said.

Oman is pushing forward with a privatisation drive to

attract foreign investors.

That strategy, along with fiscal reforms, has helped the

Sultanate pay down debt and turn its large fiscal deficit of

recent years into a surplus since 2022.

Asyad Shipping focuses on transporting liquefied natural gas

(LNG), crude oil and other products. It lists energy firms BP

and Shell as well as trading firm Trafigura

among its customers and partners.

Reuters reported in July last year that Asyad was planning

an initial public offering of the subsidiary and had selected

Jefferies Group and EFG Hermes as advisers.

The offering will be made in two tranches, with 75% made to

eligible investors in Oman and qualified institutional and other

foreign investors. Of the 75% tranche, 30% of shares have been

earmarked for anchor investors, the firm said, without naming

them.

The remaining 25% will be sold to retail investors in Oman.

The subscription period is expected to start next month,

after the company has received regulatory approval.

Asyad Shipping plans to pay dividends semi-annually,

beginning in September 2025 for the first six months of this

year.

The company posted an adjusted core profit margin of 69% for

the first nine months of last year, up from 65% over the same

period in 2023.

Oman Investment Bank, EFG Hermes, JP Morgan and Jefferies

are acting as joint global coordinators. Sohar International is

acting as joint global coordinator and as issue manager.

Credit Agricole and Societe Generale are joint bookrunners.