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Oman’s SMN Power plans $65m IPO

Oman's SMN Power Holding, a joint venture of UAE firm Kahrabel, Abu Dhabi-based Mubadala Development Company and Oman's National Trading Company, is set to offer 35% of its shares in an initial public offering (IPO) on the Muscat bourse in a bid to raise OR25m ($64.9m), Reuters has reported. The company is offering 6.99 million shares at an offer price of OR3.52 per share. The offer period opens on September 11 and closes October 10, according to the prospectus.