Hyflux injects $22 million into Qurayyat desalination project

Hyflux subsidiary Qurayyat Desalination SAOC has increased its share capital by approximately $26 million as part of project financing requirements relating to Qurayyat Independent Water Project, Oman.

The subsidiary, which is incorporated in Oman, issued an additional 9,739,300 million shares at OMR 1 per share, raising share capital from OMR 1.5 million ($3.9 million) to OMR 11.5 million ($29.8 million).

Hyflux owns 85 per cent of Qurayyat Desalination SAOC, and Modern Channels Services owns 15 per cent. Following the injection of OMR 8,464,300 ($22 million) by Hyflux Utility (Oman), the group’s investment increased from OMR 1,275,000 ($3.3 million) to OMR 9,739,300 ($25 million). The proportion of shareholdings of Hyflux and Modern Channels Services is unchanged.

In June 2016, Qurayyat Desalination SAOC secured non-recourse finance of $185 million for the project.