Cadagua bows out as Oman desal plant goes public

The Ghubrah plant is the first to be listed on the stock exchange since 2013. Despite seeing a loss on its equity, departing shareholder Cadagua will be pleased with the deal.

The owner of the 191,000m3/d Al Ghubrah desalination plant is looking to raise more than $16 million through a partial flotation on the Muscat bourse – the first time a water plant has been listed in the sultanate since 2013.

Muscat City Desalination Company, a consortium comprising Malakoff (45%), Sumitomo (45%) and Cadagua (10%), is set to launch an offering of 54,442,640 shares at a...

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