(MENAFN- Muscat Daily) Oman & Emirates Investment Holding (OEIH) will subscribe to the initial public offerings (IPOs) of Al Batinah Power Company and Al Suwadi Power Company for a total investment value of RO1,999,400, the company said in its filing to the Muscat Securities Market (MSM) on Thursday.
The board of directors of OEIH held its meeting on Wednesday and approved the company subscribing to the two IPOs. The company will subscribe for 7.8mn shares of Al Batinah Power Co at a value of RO998,400 and 7.7mn shares of Al Suwadi Power Co at a value of RO1,001,000.
''A total investment value of RO1,999,400 (is) to be classified as long-term investment (available for sale),'' the company said in its disclosure. The OEIH board also took a resolution on the appointment of KPMG to review and update the current business plan of the company.
In their IPOs, Al Batinah Power is offering 236,210,601 existing shares at a price of 128bz per share (comprising a nominal value of 100bz, share premium of 26bz and issue expenses of 2bz) totalling RO30.2mn, while Al Suwadi Power is offering 250,042,219 existing shares at a price of 130bz per share (comprising a nominal value of 100bz, share premium of 28bz and issue expenses of 2bz) totalling RO32.5mn.
Both IPOs will close on June 9, 2014, and the expected date of listing of the shares of both companies on the MSM is June 23, 2014.
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