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FINANCIAL NEWS
Oman’s SMN Power to launch IPO
12 Sep 2011
(MENAFN) Oman’s SMN Power Holding’s chief executive, Johan Van Kerrebroeck, said that the electricity producer would raise USD63.8 million in an initial public offering (IPO) by listing 35 percent of its shares on the Muscat exchange, reported The National.
Kerrebroeck added that in recent years, the demand for power in the country grew by 6 percent to 7 percent annually and would be expected to grow more.
He also said that since the company was part-owned by Mubadala Development, which is a strategic investment company owned by the Abu Dhabi Government, Mubadala would sell 3.32 million shares in the offering, which would reduce its holding to 30.8 percent from 47.5 percent.
It is worth noting that SMN Power was founded in 2006 as a joint venture between the Oman’s National Trading Company, Mubadala and Kahrabel of Dubai. It owns Al Rusail Power and SMN Barka Power, which together generate 1,343 megawatts of electricity, representing 35 percent of the amount generated for Oman’s power grid.
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