Sembcorp announces successful IPO for Salalah IWPP

Singapore’s Sembcorp Industries announced on 26 September 2013 the successful close of its intial public offering (IPO) for part of its joint venture in Oman, Sembcorp Salalah Power & Water Co.

The company owns the Salalah Independent Water & Power Plant, which was opened in May 2013 and includes a 69,000 m³/d reverse-osmosis seawater desalination plant.

The joint venture is expected to commence trading of its shares on the Muscat Securities Market on or around 10 October 2013. Sembcorp Salalah offered 33,410,019 existing ordinary shares, representing 35% of its issued share capital.

As a result, Semcorp Utilities has reduced its stake from 60% to 40% and gained around Sing$ 117 million (US$ 93.3 million).