Oman regulator sees merit in broker mergers

25/08/2011 00:00 AST

Oman’s regulator, the Capital Market Authority, is encouraging consolidation of brokerages in the small non-Opec producer and expects at least three to four initial public offerings next year, its executive president said.

“At the CMA we are seriously considering... possible steps like encouraging the merging of the brokerage companies, addressing the issue of reducing trade commissions and observing and insisting (companies) follow a strict corporate governance code,” CMA’s Yahya al-Jabri told Reuters in a written response to questions. The Omani market has more than 20 brokerages, some of which are divisions of banks such as Bank Muscat, National Bank of Oman, or Bank Dhofar. Like most other markets in the Gulf, slumping volumes and a sharp drop in market valuations have hampered the local capital markets.

The bourse may see at least three to four IPOs in 2012, al-Jabri said.


Reuters

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