Tuesday 19 April 2011

Mubadala-backed Oman power firm to launch IPO in 2011 | Reuters

SMN Power Holding, Oman's largest electricity producer part-owned by Abu Dhabi fund Mubadala, is planning a 35 percent initial public offering (IPO) on the Muscat bourse this year, a company official said.

SMN Power is a joint venture between Mubadala, UAE firm Kahrabel FZE and Oman's National Trading Co. The firm owns two major power projects and has a combined output of 1,343 megawatts (MW).

Kahrabel and Mubadala each have 47.5 percent of SMN Power Holding with the rest held by National Trading Company. They are required to dispose of their shareholding via an IPO, the IPO prospectus said.

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