Dhofar Generating extends IPO deadline

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Dhofar Generating extends IPO deadline

Aug 7, 2018 9:58 AM

Dhofar Generating Company (DGC) in consultation with its founder shareholders Mitsui & Co ACWA Power along with Omani shareholder DIDIC has extended its initial public offering (IPO) by two weeks until...

Dhofar Generating Company (DGC), in consultation with its founder shareholders Mitsui & Co, ACWA Power along with Omani shareholder DIDIC, has extended its initial public offering (IPO) by two weeks until August 16, a media report said.

The IPO offer price has been revised to baisas 225 per offer share on the offering of 88,896,000 shares, reported Oman Observer.

“DGC is a strategic player in the utilities industry of Oman and shares the vision of the regulator towards continuous growth and prosperity for the Dhofar Governorate,” John Clark, chairman of DGC was quoted as saying in the report.

“We believe that the revised price of baisas 225 ($0.58) per share, which is even lower than the proportionate cost of acquisition for the founding shareholders originally, will provide a high degree of value for all investors groups in the short and long term, and make the issuance even more attractive.”

Naif al Awaaid, CEO of DGC, said: “DGC has been successfully powering the Dhofar Governorate since its inception in 2003 with an even more important role after commissioning of the new 445 MW power plant in January 2018.”

“The revised IPO price is now even more attractive and supports a unique opportunity for an investment in the region’s largest power company,” Al Awaaid added.

Investors who have already subscribed to the IPO at the previous price have the flexibility to continue with their subscription without taking any further steps and they would be allotted proportionately more shares at the revised price, the report said.

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