09 June 2013
Muscat: Sembcorp Salalah Power and Water Company, which owns and operates the $1 billion Salalah independent water and power project (IWPP), is planning to float an initial public offering in September-October period this year.
The promoters of Salalah IWPP, which started full operation last year, are diluting their 35 per cent stake in line with a contractual commitment with the government, which stipulates that the IPO has to be floated within a certain period of signing the agreement.
The company officials have already started discussion with the Capital Market Authority (CMA) for the issue.
Joint venture
Sembcorp Salalah Power and Water Company is a joint venture between Singapore-based Sembcorp's wholly-owned subsidiary Sembcorp Utilities, the Oman Investment Corporation and Bahrain-based Instrata Capital. Sembcorp holds a 60 per cent stake in Sembcorp Salalah Power and Water Company, Oman Investment Corp owns 35 per cent and Instrata Capital holds five per cent.
The Salalah IWPP consists of a gas-fired power plant with a total gross capacity of 490 megawatts and a desalination plant with a water production capacity of 15 million gallons per day. Like other independent power producers, the profitability of Sembcorp Salalah is pre-determined and therefore is not vulnerable to market fluctuations.
Muscat: Sembcorp Salalah Power and Water Company, which owns and operates the $1 billion Salalah independent water and power project (IWPP), is planning to float an initial public offering in September-October period this year.
The promoters of Salalah IWPP, which started full operation last year, are diluting their 35 per cent stake in line with a contractual commitment with the government, which stipulates that the IPO has to be floated within a certain period of signing the agreement.
The company officials have already started discussion with the Capital Market Authority (CMA) for the issue.
Joint venture
Sembcorp Salalah Power and Water Company is a joint venture between Singapore-based Sembcorp's wholly-owned subsidiary Sembcorp Utilities, the Oman Investment Corporation and Bahrain-based Instrata Capital. Sembcorp holds a 60 per cent stake in Sembcorp Salalah Power and Water Company, Oman Investment Corp owns 35 per cent and Instrata Capital holds five per cent.
The Salalah IWPP consists of a gas-fired power plant with a total gross capacity of 490 megawatts and a desalination plant with a water production capacity of 15 million gallons per day. Like other independent power producers, the profitability of Sembcorp Salalah is pre-determined and therefore is not vulnerable to market fluctuations.
© Times of Oman 2013
