Oman Regulator Gives Nod For Power Plant Share Sales Worth $163m.

The Omani regulator has approved the flotation of two electricity-generating companies worth a combined 62.7 million rials ($162.9 million), with the public offerings set to take place simultaneously next month.

Oman's Capital Markets Authority said the sale of 35 per cent of Al Suwadi Power Co and Al Batinah Power Co would take place between May 11 and June 9 after their offer documentation was approved, according to local press reports quoting a statement to the state news agency.

Both companies are owned by mostly foreign consortiums. They became operational in April 2012 and under local rules majority foreign-owned power companies in Oman must conduct initial public offerings (IPOs) within five years of starting up.

Al Suwadi Power Co will raise 32.5 million rials through the sale of 250 million shares priced at 0.13 rials each, while Al Batinah Power Co's offering of 236 million shares at 0.128 rials each would generate 30.21 million rials.

The offerings are open to both retail and institutional investors, the reports stated.


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