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- Oman's banking sector posts 8% growth in lending, deposits up 4.7%
- China's gold output up 1.39 % in 1st nine months of 2025
- Qatar National Bank launches first-of-its-kind Boat Finance
- Dubai Taxi Company posts 28% surge in Q3 on strong mobility demand
- Rising corporate debt not a major threat to Saudi banks: S&P
- Global experts discuss future of investment strategies at Bahrain event
- Agility Global Q3 profit up 21% on strong logistics demand
- Aramco executives stress AI's impact on materials science
- Abu Dhabi unveils vertiport network for air taxi operations
- AD Ports group charts course for hybrid human-AI workforce
14/06/2015 18:13 AST
The flotation of Phoenix Power Co, owner of Oman's largest power plant, has been heavily oversubscribed, attracting over RO1 billion ($2.6 billion) of bids from investors, the state-run Oman News Agency (ONA) reported on Sunday.
The company sought to raise RO56.3 million ($146.3 million) by offering a 35 per cent stake in an offer open to both local and international investors, which ran until June 8.
ONA said the shares were expected to start trading on Oman's bourse on June 22.
Phoenix Power is a vehicle which owns, maintains and operates the Sur Independent Power Project, which generates 2,000 megawatts of electricity and was officially inaugurated in April.
Prior to the IPO, which was arranged by Bank Muscat , Phoenix Power was owned by a consortium consisting of Marubeni Corp, Chubu Electric Power Co, Qatar Electricity & Water Company and local firm Multitech.
Its offer was the first public share sale in Oman since the flotations last June of power firms Al Suwadi Power Co and Al Batinah Power Co.
Reuters
04/06/2017
Phoenix Power Company SAOG, which owns and operates the giant 2,000 MW Independent Power Project (IPP) in Sur, has announced that it has agreed to pay $11.8 million to South Korean engineering contra
Oman Daily Observer
22/06/2015
Shares of Phoenix Power, which floated an initial public offering (IPO) of OMR56.3 million, will be listed on the Muscat Securities Market on Monday.
The company has allotted a minimum of
Times of Oman
09/06/2015
Heavy oversubscription is seen in Phoenix Power Company's initial public offering (IPO), which closed its one-month subscription on Monday.
The shares have been priced at 110 baisas per s
Times of Oman
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12/11/2025
QNB has launched Boat Finance, a bespoke loan to finance boats up to QR2mn, offering an exclusive interest rate of 3.45% per annum (equivalent to 1.85% flat rate).
The loan finances both new
Gulf Times
12/11/2025
Dubai Taxi Company PJSC (DTC) reported a robust third-quarter performance, with net profit jumping 28 per cent year-on-year to Dh76.4 million, driven by higher trip volumes and sustained demand acros
Khaleej Times
12/11/2025
Agility Global, a multi-business owner, operator and investor, has reported a 21.1% rise in third-quarter EBIT which rose to $126.7 million, boosted by the completion of Menzies Aviation's acquisitio
Trade Arabia
12/11/2025
Senior Aramco executives have highlighted the transformational potential of artificial intelligence (AI), its role in overcoming long-established issues related to corrosion - and possibilities it pr
Trade Arabia
12/11/2025
In a move that signals a major shift in how industries approach talent, technology, and productivity, AD Ports Group has unveiled a visionary blueprint that reimagines the global workforce for the er
Khaleej Times
Financial Information Co.
Saudi Arabia