Sembcorp Water Venture to Launch Omani Share Offering Next Week
The IPO by Sembcorp Salalah Power & Water Co. that’s due to run from Aug. 28 to Sept. 26 is expected to raise 53 million rials ($138 million) and result in a market value of 152 million rials when trading first begins around Oct. 10, Singapore-based Sembcorp said today in a statement.
Sembcorp Salalah is 60 percent owned by Sembcorp, 35 percent by Oman Investment Corp. and the rest by Bahrain-based BDCC Investment Co. Sembcorp’s $1 billion Salalah water and power facility that features a reverse-osmosis desalination plant with 69,000 cubic meters a day of capacity formally opened in May.
Post-listing, Sembcorp will hold a 40 percent stake in Sembcorp Salalah, it said. Under Oman’s terms, existing shareholders were required to conduct an IPO and make 35 percent of the shares available to the public.
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