Omani power firms plan IPOs in mid-2014
Muscat, May 8, 2013
Two Omani electricity generating companies - Al Suwaidi Power Company and Al Batinah Power Company - said they plan to launch initial public offers (IPOs) of their shares around June next year.
Al Suwaidi, which runs a 750 megawatt plant in Barka, north of the capital Muscat, said it would offer a 35 per cent stake to the public, while Al Batinah, which operates a plant of the same size in the northern city of Sohar, said it would sell the same percentage of its shares.
Both firms are owned by a consortium comprising GDF Suez with 46 per cent, local firm Suhail Bahwan Group with 22 per cent, Japan's Sojitz Corp and Shikoku Electric Power Co, each with 11 per cent, and Oman's state pension fund with 10 per cent.
Further financial details were not disclosed. Under local rules, majority foreign-owned power companies in Oman must conduct IPOs within five years of starting operations; both plants have been operational since April last year.-Reuters
More Finance & Capital Market Stories
- Gulf stocks surge as Fed tapering adds fuel to fire
- SABB launches graduates programme
- NBAD names key official for Hong Kong
- Commercial Bank of Dubai obtains $450m loan
- EFG Hermes names group co-chief
- Islamic bond issuance in GCC picking up
- Kuwait budget surplus likely to hit $42.4bn
- Bahrain banking sector on road to recovery
- GCC banks' outlook stable, says report
- GBSA panel names new chairperson