SMN Power Holding, Oman's largest electricity producer, 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 Abu Dhabi's 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.

'Our two power stations at Barka and Rusail will be offered to investors in the last quarter of this year and the plan is for the shares to start trading in Muscat Securities Market in the first quarter of 2012,' an official from SMN, who declined to be identified, told Reuters.   

The official did not give a value of for the IPO. Bank Musct will advise on the IPO, Oman's first this year. - Reuters