Oct 24 2011 |
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Oman IPO success for SMN Power Holding
DUBAI: International Power (70 percent owned by GDF SUEZ) has announced the successful initial public offering (IPO) of SMN Power Holding SAOG on the Muscat Securities Market, with trading commencing Sunday.International Power is a founding shareholder of SMN Power Holding , together with Mubadala Development Company of Abu Dhabi and National Trading Company of Oman.
The only IPO in Oman in 2011 so far, and one of the very few in the region this year, the SMN Power Holding IPO attracted strong interest from mainly regional investors.
Following the IPO, 35 percent of public investors will hold the shares of SMN Power Holding , with the founder shareholders retaining the balance of 65 percent of the shares in the company.
Shankar Krishnamoorthy, president and CEO of IPR GDF SUEZ Middle East, Turkey & Africa, said: "The successful completion of the SMN Power Holding IPO demonstrates the execution capability of the new, combined team at International Power . The IPO validates International Power 's strategy of developing solid, long-term partnerships such as the joint venture we have built with our partners in SMN Power Holding ."
In the GCC, International Power has 15 years of experience.
The company has been awarded 7.6 GW (net) of power and 295 MIGD (net) of water desalination capacity in this region since 1994.
Five regional projects are still under construction in Oman (Barka 3 and Sohar 2), Saudi Arabia (Riyadh PP11), Bahrain (Al-Dur) and the UAE (Shuweihat 2). The latter two, both independent power and water desalination projects, are scheduled to come on stream later this year.
Krishnamoorthy added: "For the Middle East, Turkey and Africa region, the merger is now complete and the new company is performing as one team. International Power 's investors expect growth and a key focus for that growth is the emerging markets."
He said the GCC is a region with robust, underlying macroeconomic growth as well as numerous new business opportunities for International Power .
"We continue to build on our strong regional track record and demonstrate our commitment as we pursue these new opportunities."
© Arab News 2011
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