Oman’s SMN Power Holding, the Gulf country’s biggest power company has sprung a surprise with an announcement that it’s selling $64m of shares despite the general gloom in the markets and a dearth of initial public offerings in the region.
The company which is three-way joint venture between Mubadala Development, an Abu Dhabi government investment arm, International Power mostly owned by GDF Suez, and Oman’s National Trading, is selling 35 per cent of its total share capital, the company said in an e-mailed statement on Sunday.
It’s the first IPO in Oman’s power sector since August 2008 when Sohar Power, also part-owned by French utilities group GDF Suez (4774:PAR) also the same percentage of its total share capital. Oman’s stock exchange, the Muscat Securities Market has a market capitalisation of $17.2bn and is dwarfed by larger markets in the region such as Saudi Arabia’s Tadawul and Dubai’s financial market.
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