The Capital Market Authority has approved the allocation ratio of the shares of Muscat City Desalination Company (MCDC) taking into consideration the biggest segment of retail investors, the Authority said in a statement. Mohammed Said al Abri, Vice- President for the Capital Market Sector at CMA, said the shares were oversubscribed 19 times, with the Authority opting to give small investors the opportunity to invest in the stock market, thereby infusing new blood into the market. The move also helps safeguard against any concentration of holdings which is a bane of most markets in the region, while also broadening […]
MUSCAT, NOV 18 – Muscat City Desalination Company (MCDC) SAOG (under transformation) has announced the opening of its Initial Public Offering (IPO) for subscription from today, November 19, 2017. Bank Muscat is the financial adviser and issue manager for the IPO. The founding shareholders, who are leading international names in the industry, are selling these shares to the public to comply with their obligations in the Project Founder Agreement signed with the government of Oman. MCDC is offering 54,442,640 offer shares at a price of 116 baisas per offer share (comprising a nominal value of 100 baisas, premium of […]
Muscat City Desalination Company (MCDC), which owns and operates the 42 million imperial gallons per day (MIGD) capacity Al Ghubra independent water project, has to divest a stake in the favour of the investing public as per an agreement with the Oman government.