Singapore's Sembcorp Industries said on Wednesday a joint venture that owns and operates a US$1 billion ($1.28 billion) power and water plant in Oman will launch an initial public offering next week to raise around $172.2 million.
Sembcorp Salalah Power and Water Co will offer 33.4 million existing ordinary shares, representing 35% of its issued share capital, at 1.59 Omani rial or around $5.17 per share. The IPO is set to be launched on the Muscat Securities Market on Aug 28.
Sembcorp Utilities, a unit of Sembcorp Industries, currently has a 60% stake in the joint venture. Oman Investment Corp (OIC) owns 35% and Bahrain-based BDCC Investment Company (BDCC) holds 5%.
After the listing, Sembcorp will hold a 40% stake, while OIC will have 21.9% and BDCC 3.1%.