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Friday, 7 June 2013

Sembcorp plans IPO of water, power JV in Oman


BT 20130607 RSEMB7 603146
 
The Salalah IWPP project: This consists of a 445-megawatt gas-fired power plant and a desalination plant producing 15 million gallons of water daily. - PHOTO: SEMBCORP

SEMBCORP, which inaugurated its new US$1 billion independent water and power project (IWPP) in Salalah, Oman, last month, is preparing for an initial public offering of the IWPP's JV company on the Muscat Securities Market.

The Sembcorp Salalah Power and Water Company, in which Sembcorp Utilities holds a majority 60 per cent stake, will see its stake diluted by 35 per cent after the IPO, reports said.

Other stakeholders are Oman Investment Corporation with a 35 per cent stake, and Bahrain-based Instrata Capital with 5 per cent.

The Times of Oman reported this week that company officials have started discussions with the Capital Market Authority (CMA) on the share issue.

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