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Sembcorp Industries Ltd's Joint Venture Sembcorp Salalah Power & Water Company Closes IPO In Oman

Thursday, 26 Sep 2013 05:47am EDT 

Sembcorp Industries Ltd announced that further to the announcement on August 21, 2013, the Company announced that the close of the Initial Public Offering (IPO) of its joint venture in Oman, Sembcorp Salalah Power & Water Company (Sembcorp Salalah) on September 26, 2013. The Company, which owns and operates the Salalah Independent Power and Water Plant (Salalah IWPP), is expected to commence trading of its shares on the Muscat Securities Market on or around October 10, 2013. Sembcorp Salalah's offering of 33,410,019 existing ordinary shares, representing 35% of its issued share capital, was open for subscription from August 28 to September 26, 2013 in Oman. The IPO, which was comfortably oversubscribed with strong levels of demand from investors across the Sultanate, the GCC and Europe, raised around OMR53 million (approximately SGD173 million). Prior to the listing, Sembcorp Salalah was 60% owned by Sembcorp’s wholly-owned subsidiary Sembcorp Utilities, 35% owned by Oman Investment Corporation (OIC) and 5% owned by Bahrainbased BDCC Investment Company. Post-listing, Sembcorp Utilities now holds a 40% stake in Sembcorp Salalah, while OIC and BDCC hold 21.9% and 3.1% respectively. Following the IPO, Sembcorp will recognise a total gain of approximately S$117 million, comprising a SGD37 million gain on its 20% equity interest sold through the IPO and a fair value gain of SGD80 million on re-measurement of its remaining 40% equity interest in the Company. 

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24 Dec 2014