Announcements

An established operator backed by government support, strong predictability of cash flows and experienced Project Sponsors Subscription is now open for Oman’s biggest IPO so far in 2013   Muscat, 28 August 2013 – Sembcorp Salalah Power & Water Company SAOG (under transformation) (Sembcorp Salalah or the Company), a leading power and water company based in the Dhofar Governorate of Oman, today launched its Initial Public Offering (IPO) of 33,410,019 existing ordinary shares, representing 35% of the issued share capital of Sembcorp Salalah. Shares are priced at OMR 1.590 per ordinary share. The IPO is now open for subscription until 26 September 2013. The IPO is expected to raise around OMR 53 million, which would make it the biggest share offer in Oman so far in 2013. The existing shareholders, Sembcorp Utilities, Oman Investment Company (OIC) and BDCC Investment Company, are required to undertake this IPO and make 35% of the Company’s shares available to the public as the IPO is a condition under the Project Founders’ Agreement. Highlights: • IPO of 35% of the issued share capital of Sembcorp Salalah • Offer runs from 28 August 2013 to 26 September 2013 • Offer open to individual investors, juristic persons and institutions within Oman, and to non-Omani investors outside of US, Canada, Australia, South Africa, Republic of Ireland and Japan • Shares priced at OMR 1.590 per share • Offer size of OMR 53 million • Market capitalisation on listing of OMR 152 million • First day of trading expected to be around 10 October 2013 • Further information available from the Issue Manager, HSBC Bank Oman SAOG; the following Collecting Banks: Bank Muscat, Oman Arab Bank, National Bank of Oman and Bank Dhofar; as well as at a dedicated IPO website: www.ttct.net/sembcorp-demo-1/ipo Commenting on the launch, Mr Lim Yeow Keong, Chief Executive Officer of Sembcorp Salalah, said, “We are pleased to offer the public the unique opportunity to invest in Sembcorp Salalah. With an established operation backed by strong government support, our Company allows our shareholders to benefit from a stable business model and strong predictability of cash flows, as well as future growth opportunities. It’s a very exciting time for us as we look forward to welcoming new shareholders into the Company.” Mr Tang Kin Fei, Group President & CEO of Sembcorp Industries and Chairman of Sembcorp Salalah, said, “We are delighted to launch the next stage in Sembcorp Salalah’s development now that we have successfully delivered this plant, which is expected to play a major role in meeting the region’s growing power and water demand for many years to come. Sembcorp Salalah is a world-class operator that benefits from the proven track record of Sembcorp as an established developer, owner and operator of large-scale power and water projects worldwide, and the regional knowledge and experience of OIC. As a long-term shareholder of the Company, we look forward to welcoming new shareholders on board with us.” Mr Kalat Al-Bulooshi, CEO of OIC and Deputy Chairman of Sembcorp Salalah, commented, “Sembcorp Salalah makes a valuable contribution to Oman through the provision of power and water to the people of Dhofar. This IPO is a great opportunity for Omanis to own a part of the Company, and to be an integral part of the future of both Sembcorp Salalah and the development of Dhofar.” About the IPO • The offer period will commence on 28 August 2013 and end on 26 September 2013 at the end of the working hours of the Collecting Banks. It is proposed that the shares will be admitted to trading on the Muscat Securities Market on or around 10 October 2013. • The offer is open to Omani and non-Omani individual investors, juristic persons and institutions through two categories. • The minimum subscription for Category I investors is 100 shares and in multiples of 100 shares thereafter. For Category II investors, the minimum subscription is 50,100 shares and in multiples of 100 shares thereafter. • The maximum subscription for Category I investors is 50,000 shares. For Category II investors, the maximum subscription is 10% of the size of the share offer, which equates to 3,341,000 shares. • Shares are allocated on a proportionate basis and must be 100% pre-funded at the Collecting Banks at the time of subscription. • The IPO Prospectus, Articles of Association and Application Forms will be available from the following Collecting Banks throughout the offer period: Bank Muscat, Oman Arab Bank, National Bank of Oman and Bank Dhofar. There is also an IPO section on the Sembcorp Salalah website www.ttct.net/sembcorp-demo-1/ipo, which contains information about the Company and the IPO as well as downloadable copies of the IPO Prospectus and the summary Offer Pamphlet. About Sembcorp Salalah: • Sembcorp Salalah developed, owns and operates an electricity generation and seawater desalination plant, the Salalah Independent Water and Power Plant, located between Taqah and Mirbat in Oman. The plant is located approximately 50 kilometres from Salalah, the administrative town in the Dhofar Governorate. • The plant has been in full commercial operation since 25 May 2012 and has a contracted power capacity of 445 megawatts (MW) and a contracted water capacity of 15 million imperial gallons per day (MiGD). It consists of a gas-fired combined cycle power plant and a reverse osmosis seawater desalination plant. • As of the date of this announcement, Sembcorp Salalah supplies approximately 72% of the power dispatch and 100% of the net installed water capacity of the Dhofar Governorate. • The Company has invested approximately US$1 billion to develop, finance, build, own and operate the plant. It generates its revenues in accordance with a 15-year power and water purchase agreement (PWPA) with the Oman Power and Water Procurement Company (OPWP), which is indirectly wholly-owned by the Omani government. • As the largest and most energy-efficient power and water plant in the Dhofar Governorate, the Salalah Independent Water and Power Plant is expected to play a major role in meeting the growing power and water demand of the region into the foreseeable…

Muscat, 15 September 2013 – Sembcorp Salalah Power & Water Company (“Sembcorp Salalah” or “the Company”), a leading power and water company based in the Dhofar Governorate of Oman, has attracted significant investor interest across the Gulf region during the company’s roadshow meetings with some of the most influential investors in the region. The IPO roadshow, which started on 28th August, has seen senior management meeting top investors across Oman, Qatar, the UAE and the Kingdom of Saudi Arabia, reflecting the strong level of investor interest in the Company, and in Oman from across the region. The IPO of 33,410,019 existing ordinary shares, which was launched on 28 August, represents 35% of the issued share capital of Sembcorp Salalah. The shares will be priced at OMR 1.590 per share, inferring a total offer size of OMR 53 million and a market capitalisation on listing of OMR 152 million. The IPO offer period ends on 26 September 2013 and the shares are expected to be admitted to trading on the Muscat Securities Market on or around 10 October 2013. The offering is expected to be the biggest in Oman this year. Commenting on the favourable reaction by investors, Mr Lim Yeow Keong, Chief Executive Officer of Sembcorp Salalah, said, “The IPO marks a milestone in Sembcorp Salalah’s history and we are very pleased by the positive reception and the significant level of investor interest we have seen so far. We are seeing interest from individual and institutional investors who share our view that the offer represents a good opportunity for investors to benefit from the stable revenues, strong Omani government support, and attractive future dividend yield of Sembcorp Salalah. “The roadshow is providing a great experience to meet face-to-face with potential investors in Sembcorp Salalah across the region and we look forward to becoming a publicly listed company and broadening our existing shareholder base.” Download PDF

Muscat, 18 September 2013 – Sembcorp Salalah Power & Water Company (“Sembcorp Salalah” or “the Company”), a leading power and water company based in the Dhofar Governorate of Oman, has begun the countdown to the completion of its Initial Public Offering (IPO), which launched on 28 August. The IPO, which has seen strong interest from investors across the Sultanate and the broader Gulf region, closes for subscription on 26 September 2013. The IPO of 33,410,019 existing ordinary shares represents 35% of the issued share capital of Sembcorp Salalah. The shares will be priced at OMR 1.590 per share, inferring a total offer size of OMR 53 million and a market capitalisation on listing of OMR 152 million. The offering is expected to be the biggest in Oman this year. It is proposed that the shares will be admitted to trading on the Muscat Securities Market on or around 10 October 2013. HSBC Bank Middle East Limited is the Sole Global Coordinator and Bookrunner. HSBC Bank Oman SAOG is the Issue Manager. Retail investors with an interest in participating in the IPO are encouraged to complete and submit their applications in any of the Collecting Banks which include Bank Muscat, Oman Arab Bank, National Bank of Oman and Bank Dhofar. Commenting on the IPO, Mr Lim Yeow Keong, Chief Executive Officer of Sembcorp Salalah, said, “With only one week to go until our share offer closes, investors in Oman have a limited period in which to participate in our IPO. We are very excited by the widespread positive investor sentiment and significant interest in the Sembcorp Salalah offer that we have seen over the past three weeks. During this time we have presented investors across Oman and the broader Gulf region with a fantastic opportunity to invest in an established operator with strong predictability of cash flows that will result in stable recurring income, a highly attractive dividend yield and opportunities for growth.” “As we enter the final week of the subscription period, we are still seeing a strong level of demand for the offer, and I look forward to a successful completion on the 26 September.” About the IPO • The offer period commenced on 28 August 2013 and will end on 26 September 2013 at the end of the working hours of the Collecting Banks. It is proposed that the shares will be admitted to trading on the Muscat Securities Market on or around 10 October 2013. • The offer is open to Omani and non-Omani individual investors, juristic persons and institutions through two categories. • The minimum subscription for Category I investors is 100 shares and in multiples of 100 shares thereafter. For Category II investors, the minimum subscription is 50,100 shares and in multiples of 100 shares thereafter. • The maximum subscription for Category I investors is 50,000 shares. For Category II investors, the maximum subscription is 10% of the size of the share offer, which equates to 3,341,000 shares. • Shares are allocated on a proportionate basis and must be 100% pre-funded at the Collecting Banks at the time of subscription. • The IPO Prospectus, Articles of Association and Application Forms are available from the following Collecting Banks throughout the offer period: Bank Muscat, Oman Arab Bank, National Bank of Oman and Bank Dhofar. There is also an IPO section on the Sembcorp Salalah website www.ttct.net/sembcorp-demo-1/ipo, which contains further information. About Sembcorp Salalah: • Sembcorp Salalah developed, owns and operates an electricity generation and seawater desalination plant, the Salalah Independent Water and Power Plant, located between Taqah and Mirbat in Oman. The plant is located approximately 50 kilometres from Salalah, the administrative town in the Dhofar Governorate. • The plant has been in full commercial operation since 25 May 2012 and has a contracted power capacity of 445 megawatts (MW) and a contracted water capacity of 15 million imperial gallons per day (MiGD). It consists of a gas-fired combined cycle power plant and a reverse osmosis seawater desalination plant. • As of the date of this announcement, Sembcorp Salalah supplies approximately 72% of the power dispatch and 100% of the net installed water capacity of the Dhofar Governorate. • The Company has invested approximately US$1 billion to develop, finance, build, own and operate the plant. It generates its revenues in accordance with a 15-year power and water purchase agreement (PWPA) with the Oman Power and Water Procurement Company (OPWP), which is indirectly wholly-owned by the Omani government. • As the largest and most energy-efficient power and water plant in the Dhofar Governorate, the Salalah Independent Water and Power Plant is expected to play a major role in meeting the growing power and water demand of the region into the foreseeable future and beyond. • Sembcorp Salalah is currently 60% owned by Sembcorp Utilities, a wholly-owned subsidiary of Singapore-based Sembcorp Industries, 35% owned by Oman Investment Corporation (OIC) and 5% owned by BDCC Investment Company, which is managed by Instrata. Business Highlights: Strong predictability of stable cash flows: • Sembcorp Salalah has strong predictability of cash flows that are not affected by the amount of power and water actually required by OPWP as the Company is paid on an availability basis, based on the power and water that is made available. • Under the PWPA, Sembcorp Salalah is entitled to receive capacity charges from OPWP for 100% of the available power and water capacity of the plant, which comprise approximately 90% of the total revenue of Sembcorp Salalah. These capacity charges are payable by OPWP regardless of whether the actual output of the plant is dispatched by OPWP. Well-established contractual framework: • Sembcorp Salalah’s project represents one of 12 independent power and/or water production projects to be implemented by the government through OPWP on a “build, own and operate” basis and benefits from a well-established contractual framework. Strong government support and stable revenues due to the strategic importance of both the industry and project: • The power and water sectors are of high strategic importance to the Dhofar…

OMR 53 million raised in Oman’s largest IPO of 2013 Muscat, 26 September 2013 – Sembcorp Salalah Power & Water Company SAOG (under transformation) (Sembcorp Salalah or the Company), a leading power and water company based in the Dhofar Governorate of Oman, today announced the successful closure of its initial public offering of 35% of the total share capital, or 33,410,019 existing ordinary shares, at a price of OMR 1.590 per share. The issue was opened for subscription on 28 August 2013 and closed on 26 September 2013. The offering, which raised OMR 53 million, making it the largest in Oman this year as well as one of the largest in the region, was comfortably oversubscribed and attracted strong levels of demand from both retail and institutional investors across the Sultanate, the GCC and Europe. This implies an opening market capitalisation of OMR 152 million. Trading of the company’s shares is set to commence on the Muscat Securities Market on or around 10 October 2013. HSBC Bank Oman SAOG acted as Issue Manager for the offering. HSBC Bank Middle East Limited acted as Sole Global Coordinator and Bookrunner. Commenting on the offer close, Mr Lim Yeow Keong, Chief Executive Officer of Sembcorp Salalah, said, “We are delighted by the response we have received from such a wide range of investors in Oman and across the region. The overwhelming support and warm welcome we have received reflects the confidence in Sembcorp Salalah’s stable business model and recognises this unique opportunity to invest in an established operator with strong government support and strong predictability of cash flows.” “We are thrilled to welcome our new investors to the Sembcorp Salalah shareholder register and we look forward to delivering on our commitment to meet the Dhofar region’s growing and long-term power and water demand.”   Download PDF