News

 

<< Go back

Oman Investment Corporation SAOC sells 2.86% of its shares in Sembcorp Salalah

18 December 2016

Muscat: Oman Investment Corporation (OIC), a leading private equity investment company in Oman, has announced selling 2.86percent of its shares in Sembcorp Salalah Power and Water Company SAOG(SSPWC) to the Ministry of Defence Pension Fund.

Kalat Al-Bulooshi, CEO of OIC said that the step is part of OIC’s investment strategy, “We invest in privately held companies with a strong investment case and clear growth plan to maximise the returns to all our shareholders and investors, while planning a profitable exit strategy”

“It is a win-win situation for all parties. SSPWC is a major player in the power sector in Dhofar region with an impressive track record, and that makes it an attractive investment opportunity. The power and water sector offers stable returns and attractive dividend yields which fits the investment criteria of long term investors.”Al-Bulooshi added.

In 2009, OIC joined hands with Sembcorp Utilities, a subsidiary of Singapore’s Sembcorp Industries to win a 15 year contract to supply power and water to the Oman Power & Water Procurement Company for the Dhofar region and established SSPWC. As a result, OIC became the first local company to own a 40 percent shareholding in a power and water project in Oman since the sector’s privatization in 1997.

OIC has previously divested from 21 percent of its shares in SSPWC during the Initial Public Offering of the company in 2013, followed by series of sales to private investors. Following the share sale to the Ministry of Defence Pension Fund, OIC continues to hold a 16.1 percent shareholding in SSPWC.

<< Go back

Select year

Go Back Top