MCDC is a proud player in Oman’s utility industry and contributing to the wellbeing of its residents by providing potable water. – Supplied picture
Muscat: Muscat City Desalination Company (MCDC), which owns the Ghubrah Independent Water Plant, plans to offer 35 per cent of its share capital in an initial public offering by mid-November.
As per the project founders’ agreement, the promoters are required to offer 35 per cent of their share capital to the public through an IPO. Accordingly, 54.44 million shares are on offer to the public through listing on the Muscat Securities Market. Bank Muscat is the financial advisor and issue manager for the IPO exercise.
Promoted by global leaders with vast experience in the water industry, Malakoff International (Malaysia), Sumitomo Corporation (Japan) and Cadagua S.A. (Spain), MCDC is the owner of Oman’s largest water plant contributing to 24 per cent of total water capacity in the Interconnected Zone. MCDC owned plant with proven desalination technology is a strategic asset located in Muscat. MCDC has long term contracted water purchase agreement until 2034 with government owned Oman Power & Water Procurement Company, ensuring stable and predictable cash flows.
On the back of this contracted water purchase agreement, MCDC plans to offer an attractive dividend yield to IPO investors, further details of which would be shared by the company upon obtaining the final approvals from Capital Market Authority.
MCDC is a proud player in Oman’s utility industry and contributing to the wellbeing of its…