Oman's Sembcorp Salalah Power and Water Company announced that it is preparing to float an initial public shares offering in September of this year. Sembcorp Salalah Power and Water Company owns and operates a US$1 billion Salalah independent power and water project in Oman. Sembcorp Salalah Power and Water Company is a joint venture between Oman Investment Corporation and Sembcorp.
The energy provider had submitted its official draft prospectus to Oman's Capital Market Authority. Capital Market Authority executive president Abdullah bin Salem bin Abdullah al Salmi said in an interview with media that the market regulator was still currently reviewing the prospectus.
Sembcorp Salalah Power and Water Company's paid-up capital had been increased from just OMR0.50 million to OMR95 million and the company's promoters are diluting 35% stake of the firm. The offer is in line with a contractual obligation the company has with the government. The contract stipulated that the initial public offering had to be launched inside a certain time period of signing the contract.
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