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Oman: Six power and water firms to launch IPOs over next three years

by Rajiv Ravindran Pillai on Jan 4, 2018


Muscat, Oman.
Muscat, Oman.

Six power generation and water desalination companies will launch their initial public offerings (IPOs) to list on the Muscat Securities Market (MSM) over the next three years, according to Oman Power and Water Procurement Company (OPWP).

As per their agreements, Oman’s independent water and independent power projects are required to offer a minimum 35% of the share capital to the public within four years of the incorporation of the company.

Yaqoob Saif Hamood al Kiyumi, chief executive officer of OPWP told Muscat Daily: “There are six power and water sector projects that will be going for IPOs within next three years. Out of these six projects, four IPOs will be from power sector and two from water sector.”

Kiyumi said that the power and water sector companies currently account for approximately $1bn (RO400m) of market capitalisation on the MSM.

Kiyumi stated: “We should see a large amount of additional capital to be listed on the stock market from these six new IPOs. With the sound record of these projects, I am sure they will only increase sector’s contribution to Oman’s capital market.”

He added: “The huge success of previous power and water companies’ IPOs provides a clear indication of investors’ faith in the development of Oman’s power and water sectors.”



 



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