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DUBAI, Aug 21 (Reuters) - Sembcorp Salalah Power and WaterCo, in which a unit of Singapore's Sembcorp Industries has a 60 percent stake, plans to raise $138 million by offering35 percent of its share capital on the Muscat bourse, thecompany said.
The $1 billion power plant will offer 33.4 million existingordinary shares at a price of 1.59 rials per share in an initialpublic offering to be launched on August 28, Sembcorp Salalahsaid in a statement on Wednesday. This would be worth 53 millionrials ($137.66 million), it said.
Sembcorp Utilities, a unit of Sembcorp Industries, has a 60percent stake in the Sembcorp Salalah Power and Water Company.Oman Investment Corp owns 35 percent and Instrata Capital 5percent in the joint venture. The statement did not disclosewhat amount of shares the existing shareholders were eachselling in the IPO.
The Salalah Independent Water and Power Plant consists of agas-fired combined cycle power plant with a gross capacity of490 megawatts and a seawater desalination plant with a totalwater production capacity of 69,000 cubic metres per day,according to its website.
After the IPO, the company will have a market value of 152million rials, the statement said.
The offer runs until Sept 26 and the stock is expected tobegin trading on the Muscat bourse on October 10. HSBC Holdings' Middle Eastern arm is the sole global coordinator andbookrunner for the issue.
