IPO starts for Oman's SMN Power, part-owned by Mubadala - The National

SMN Power Holding, an Omani electricity producer part-owned by Mubadala Development, has begun a sale of its shares to the public.

The company plans to raise 24.6 million Omani rials (Dh234.6m) by listing 35 per cent of its shares on the Muscat exchange, according to a prospectus. The initial public offering (IPO) period opened yesterday and ends on October 10.

"The demand for power in Oman has grown by 6 to 7 per cent per annum in recent years and is expected to grow even further," said Johan Van Kerrebroeck, the company's chief executive.

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