Sur IPP IPO expected in 2014
Phoenix Power Company will float IPO in two years
The company behind Oman’s Sur IPP is expected to float an IPO for the project in two years’ time, senior officials at Phoenix Power Company have announced.
The biggest project in the Sultanate, which will produce 2,000 megawatts of power to the national grid at a cost of $1.5bn, has already seen 500,000 shares listed on the Muscat Securities Market at a total value of RO500,000 ($1.3m).
Officials claim it is too early to speculate on the value of the IPO, which will depend on market conditions at the time. Currently, Marubeni holds a 50 per cent stake in Phoenix Power – which was set up as a special purpose vehicle for the plant’s construction. Chubu Electric holds 30 per cent, Qatar Electricity and Water 15 per cent, and Suhail Bahwan subsidiary Multitech holds five per cent.