Two Oman Power Firms Plan IPOs In Mid-2014

Both Al Suwaidi Power Co and Al Batinah Power Co aim to each offer a 35 per cent stake to the public.

Two Omani electricity generating companies plan initial public offers of their shares around June next year, the companies said in statements on Tuesday.

Al Suwaidi Power Co, which runs a 750 megawatt plant in Barka, north of the capital Muscat, said it would offer a 35 per cent stake to the public. Al Batinah Power Co, which operates a plant of the same size in the northern city of Sohar, said it would sell the same percentage of its shares.

Both firms are owned by a consortium comprising GDF Suez with 46 per cent, local firm Suhail Bahwan Group with 22 per cent, Japan’s Sojitz Corp and Shikoku Electric Power Co, each with 11 per cent, and Oman’s state pension fund with 10 per cent.

Further financial details were not disclosed. Under local rules, majority foreign-owned power companies in Oman must conduct IPOs within five years of starting operations; both plants have been operational since April last year.