Sembcorp Salalah Power and Water Company’s ordinary shares have been admitted to trading on the Muscat Securities Market (MSM), under the trading symbol ‘SSPW’.

The listing follows Sembcorp’s initial public offering (IPO) in September, which was 8.3 times oversubscribed and raised RO53 million ($137.3 million), said a statement.

The Capital Market Authority (CMA) has approved a full allocation for all category I investors who applied for 1,000 or less shares in order to encourage broader ownership of power and water companies by the retail investment community in Oman, it said.

Lim Yeow Keong, chief executive officer, said: “We have been honoured to have seen so much demand for shares from Omani and other regional investors through our IPO and look forward to delivering on our promise to create value for our new shareholders over the coming years.

“I would like to extend my sincere thanks to the Capital Markets Authority, MSM and MCDC for their support and encouragement throughout the listing process, to HSBC Bank Oman for guiding us through this complex process with such professionalism and to the collecting banks for their effective management in the face of such strong investor demand.”

HSBC Bank Oman acted as issue manager for the offering, said the statement. - TradeArabia News Service