04 September 2011
MUSCAT: Both Omanis and foreigners can apply for the RO24.59-million IPO, which will close subscription on October 10.
According to the prospectus, the RO1-share is being offered at a premium of RO2.5 and an issue expense of 20 baisas.
As many as 60 per cent of the offer or 4,192,348 shares are reserved for small investors who apply for a maximum of 5,000 shares. And the remaining 40 per cent are for those who apply for more than 5,100 shares and the allotment will be on a pro-rata basis.
In the case of small investors, the minimum application should be for 100 shares and in multiples of hundred thereafter. However, for large investors, the minimum application should be for 5,100 shares and in multiples of 100 thereafter.
The collecting banks of the IPO are BankMuscat, National Bank of Oman and Oman Arab Bank. BankMuscat is also the issue manager and financial advisor.
The company's three stake holders -- Kahrabel, Mubadala Power Holding and National Trading -- are offering a total of 6,987,246 shares or 35 per cent to the investing public as offer for sale. However, MDC Industry Holding will retain its 10.875 per cent stake in the company, even after the issue. SMN Power has a paid up capital of RO19.96 million.
Public holding
After the offer, the combined stake of four stake holders will go down to 65 per cent, with the public holding 35 per cent ownership.
The issue manager is expecting Capital Markets Authority approval for the proposed allotment on October 22, commencement of refund and dispatch of allotment notice on October 23 and listing on the Muscat Securities Market on October 25. The prospectus said the company's projected dividend per share will be 193 baisas for 2011, which will go to 440 basias in 2012. Similarly, the projected net income per share is at 189 basias per share in 2011 and 313 per share in 2012.
SMN Power, through its ownership in Rusayl Power Company and SMN Barka, is the largest power company with a total generation capacity of 1343 MW which represents around 35 per cent of Oman's MIS installed capacity.
The company is diluting its 35 per cent stake in line with a contractual commitment with the government, which stipulates that the initial public offering has to be floated before the year-end.
MUSCAT: Both Omanis and foreigners can apply for the RO24.59-million IPO, which will close subscription on October 10.
According to the prospectus, the RO1-share is being offered at a premium of RO2.5 and an issue expense of 20 baisas.
As many as 60 per cent of the offer or 4,192,348 shares are reserved for small investors who apply for a maximum of 5,000 shares. And the remaining 40 per cent are for those who apply for more than 5,100 shares and the allotment will be on a pro-rata basis.
In the case of small investors, the minimum application should be for 100 shares and in multiples of hundred thereafter. However, for large investors, the minimum application should be for 5,100 shares and in multiples of 100 thereafter.
The collecting banks of the IPO are BankMuscat, National Bank of Oman and Oman Arab Bank. BankMuscat is also the issue manager and financial advisor.
The company's three stake holders -- Kahrabel, Mubadala Power Holding and National Trading -- are offering a total of 6,987,246 shares or 35 per cent to the investing public as offer for sale. However, MDC Industry Holding will retain its 10.875 per cent stake in the company, even after the issue. SMN Power has a paid up capital of RO19.96 million.
Public holding
After the offer, the combined stake of four stake holders will go down to 65 per cent, with the public holding 35 per cent ownership.
The issue manager is expecting Capital Markets Authority approval for the proposed allotment on October 22, commencement of refund and dispatch of allotment notice on October 23 and listing on the Muscat Securities Market on October 25. The prospectus said the company's projected dividend per share will be 193 baisas for 2011, which will go to 440 basias in 2012. Similarly, the projected net income per share is at 189 basias per share in 2011 and 313 per share in 2012.
SMN Power, through its ownership in Rusayl Power Company and SMN Barka, is the largest power company with a total generation capacity of 1343 MW which represents around 35 per cent of Oman's MIS installed capacity.
The company is diluting its 35 per cent stake in line with a contractual commitment with the government, which stipulates that the initial public offering has to be floated before the year-end.
© Times of Oman 2011
