MCDC, owner of Oman’s largest operating desalination plant located in Muscat, is offering 54.44 million shares at a price of 116 baisas per share (comprising a nominal value of 100 baisas, premium of 14 baisas and expenses of 2 baisas per share). The IPO represents an offer of 35 per cent of the share capital of the company.
The IPO, which will close subscription on December 18, is open to Omani and non-Omani investors, including individual and institutional investors. In the IPO, 65 per cent of the shares made available for subscription have been reserved for investors applying for a minimum of 1,000 shares and a maximum of 500,000 shares, and 35 per cent of the shares have been reserved for investors applying for a minimum of 500,001 shares, up to a maximum of 5,444,200 shares.
The application form for the IPO is available for collection at any branches of the subscription banks — Bank Muscat, National Bank of Oman, Oman Arab Bank, Bank Dhofar, Bank Sohar and Ahli Bank.
MCDC is the owner and operator of the Ghubrah Independent Water Plant, Oman’s largest operating desalination plant built with a total investment of $103 million. The plant, with a total capacity output to deliver 42 million gallons of potable water every day, provides approximately 24 per cent of the total water capacity in the interconnected zone and 60 per cent of the total water demand for Muscat city. The plant, based on a well proven seawater reverse osmosis technology, helps the company deliver uninterrupted water supply with minimum outages.
The company was promoted by Malakoff International (Malaysia), Sumitomo Corporation (Japan) and Cadagua SA (Spain), which have extensive expertise and demonstrated track record in the global water industry.