Aug. 21 (Bloomberg) -- An initial public offering by the water and power joint venture of Sembcorp Industries Ltd., the largest utility in Southeast Asia, will begin next week in Oman on the Muscat Securities Market.
The IPO by Sembcorp Salalah Power & Water Co. that’s due to run from Aug. 28 to Sept. 26 is expected to raise 53 million rials ($138 million) and result in a market value of 152 million rials when trading first begins around Oct. 10, Singapore-based Sembcorp said today in a statement.
Sembcorp Salalah is 60 percent owned by Sembcorp, 35 percent by Oman Investment Corp. and the rest by Bahrain-based BDCC Investment Co. Sembcorp’s $1 billion Salalah water and power facility that features a reverse-osmosis desalination plant with 69,000 cubic meters a day of capacity formally opened in May.
Post-listing, Sembcorp will hold a 40 percent stake in Sembcorp Salalah, it said. Under Oman’s terms, existing shareholders were required to conduct an IPO and make 35 percent of the shares available to the public.