Thursday 12, July 2018 by Kudakwashe

Dhofar Generating Company’s upcoming IPO garners sizeable interest

 

The IPO represents an offer of 40 per cent of the share capital of the company.

  

Oman-based Dhofar Generating Company (DGC)’s Intial Public Offering (IPO) has seen an increase in interested investors following a roadshow meeting held in collaboration with Bank Dhofar, the issue manager.

The meeting, was attended by a wide cross-section of investor groups including institutional investors, high-net worth individuals as well as established family offices, according to local newswire, ONA.

Naif al-Awaaid, CEO of DGC, said the project founders, Mitsui & Co, ACWA Power and Dhofar International Development as well as Investment Holding Company SAOG (DIDIC) will remain shareholders post-IPO, with an aggregate holding of 60 per cent and they will continue to ensure reliable management and governance of the company.

DGC is offering 88.8 million shares at a price of 259 baisas per offer share and the IPO will close on 30 July 2018.

The first dividend of 9 baisas per share is expected to be paid in February 2019 and 9 baisas per share to be paid in August 2019 with twice yearly dividend declaration thereafter.

  

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