Al-Sharqiya Investment Holding Company was established in the autumn of 1997 by 134 local investors to promote projects in Al-Sharqiya governorate. It raised 40 per cent of its start-up equity in a public subscription running from 27 September-26 October.

The company has issued capital of RO 6 million ($15.6 million) in the form of 6 million fully paid-up RO 1 ($2.60) shares. A total of 2.4 million shares were floated. The issue was open only to Omani and GCC investors.

The company's articles of association have since been amended to allow non-GCC citizens to own up to 49 per cent of the company in line with the sultanate's investment laws, but as of 8 April 1999 just 0.

5 per cent of capital was owned by foreigners. GCC citizens held 2.3 per cent and the remainder was held by Omani nationals. The company's shares were listed on the MSM on 29 September 1998. Figures for the first 16 months show that the company recorded a net profit after tax of almost RO 750,000 ($1.

95 million). The balance sheet expanded to more than RO 7 million ($18.2 million). Based on the share price at the end of 1999, this gave them a price-earnings multiple of 7.