[DUBAI/SINGAPORE] HSBC Holdings has been appointed to manage a
public share offer of a joint venture firm that owns and operates a US$1
billion water and power project in Oman, two banking sources said on
Tuesday.
Singapore's Sembcorp Utilities, a unit of Sembcorp Industries, has a 60 per cent stake in the Sembcorp Salalah Power and Water Company. Oman Investment Corp owns 35 per cent and Instrata Capital 5 per cent in the joint venture.
Sembcorp said in June that it planned an initial public offering of the joint venture firm this year.
The joint venture firm must offload at least 35 per cent of its capital through an IPO on the Muscat bourse as part of a mandatory requirement in the Gulf state which requires private sector utilities to list shares locally.
Singapore's Sembcorp Utilities, a unit of Sembcorp Industries, has a 60 per cent stake in the Sembcorp Salalah Power and Water Company. Oman Investment Corp owns 35 per cent and Instrata Capital 5 per cent in the joint venture.
Sembcorp said in June that it planned an initial public offering of the joint venture firm this year.
The joint venture firm must offload at least 35 per cent of its capital through an IPO on the Muscat bourse as part of a mandatory requirement in the Gulf state which requires private sector utilities to list shares locally.
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