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Thursday, 26 September 2013

Sembcorp Salalah completes S$173m IPO in Oman

SINGAPORE: Sembcorp Salalah Power and Water Company, a unit of Sembcorp Industries, has completed an initial public offering (IPO) in Oman.
Raising around OMR$53 million (approximately S$173 million), this makes the listing the largest share offer in Oman so far in 2013.
Public trading in the company on the Muscat bourse will begin on or around October 10.
Sembcorp said in a statement the IPO was "comfortably oversubscribed" with strong demand from investors across the Sultanate, the GCC and Europe.
Prior to the listing, Sembcorp's wholly-owned subsidiary Sembcorp Utilities owned 60 per cent of Sembcorp Salalah.
Following the IPO, Sembcorp will recognise a total gain of approximately S$117 million, including a S$37 million gain on its 20 per cent equity interest sold through the IPO, and a fair value gain of S$80 million on re-measurement of its remaining 40 per cent equity interest in the company.
The operator of a power plant and seawater desalination facility in Oman had offered 33.4 million existing ordinary shares or 35 per cent of its share capital at a price of 1.59 rials per share.
Sembcorp's Group President & chief executive officer Tang Kin Fei, said, "As a project partner and long-term shareholder of the company, we look forward to serving the essential power and water needs of the region for many more years to come.
“At the same time, Sembcorp is committed to growing our business in Oman. For instance, we have embarked on a second project in the country to develop centralised utilities facilities in Duqm (in central-eastern Oman)."
The transaction is expected to have a positive impact on the earnings per share of Sembcorp Industries for the current financial year.

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