Holding, Oman's largest electricity producer part-owned by Abu Dhabi fund
Mubadala, is planning a 35 percent initial public offering (IPO) on the Muscat
bourse this year, a company official said.
SMN Power is a joint venture between Mubadala, UAE
firm Kahrabel FZE and Oman's National Trading Co. The firm owns two major power
projects and has a combined output of 1,343 megawatts (MW).
Kahrabel and Mubadala each have 47.5 percent of SMN
Power Holding with the rest held by National Trading Company. They are required
to dispose of their shareholding via an IPO, the IPO prospectus said.
"Our two power stations at Barka and Rusail will
be offered to investors in the last quarter of this year and the plan is for
the shares to start trading in Muscat Securities Market in the first quarter of
2012," an official from SMN, who declined to be identified, said.
The official did not give a value of for the IPO.
Bank Musct BMAO.OM will advise on the IPO, Oman's
first this year.
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