Oman’s Sembcorp Salalah Power & Water Company launches USD 137mn IPO

By bne IntelliNews August 28, 2013

Oman-based Sembcorp Salalah Power & Water Company has initiated an OMR 53mn (USD 137mn) IPO, offering 33.4mn existing ordinary shares at OMR 1.59 per share price, Singapore's Sembcorp Industries, which owns a 60% stake in the company, said in a statement.

The IPO, which represents 35% of the issued share, is open for subscription until September 26. The offer is open to individual investors, juristic persons and institutions within Oman, and to non-Omani investors outside of US, Canada, Australia, South Africa, Republic of Ireland and Japan, Sembcorp said. The shares will be listed for trading on the Muscat Securities Market on October 10.

Oman Investment Corporation (OIC) owns a 35% stake in the utilities firm and Bahrain-based BDCC Investment Company owns 5%. Post listing, Sembcorp will hold a 40% stake in Sembcorp Salalah, while OIC and BDCC will hold 21.9% and 3.1% respectively. HSBC Bank Oman is the issue manager, while the collecting banks are Bank Muscat, Oman Arab Bank, National Bank of Oman and Bank Dhofar.

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