Vision
To create value for stakeholders and to ensure that citizens have access to life’s most basic need – clean drinking water.
Mission
Water is crucial to sustaining life, supporting economic prosperity and growth, and contributing to a better quality of life. MCDC endeavours to be socially accountable and responsible for producing potable water in strict compliance to environmental aspects.
History
On the back of its population growth and economic development, Oman’s daily water demand has been growing by 2% – 3% per year. Demand has been notably increasing in the metropolitan area centered on Muscat, and the Government of Oman launched multiple IWPs to address the situation. Ghubrah IWP being the first large-scale IWP in the stream, Oman Power & Water Procurement Company (OPWP) initiated a competitive bidding process in 2012. The shareholders were awarded the contract to build the Plant and hence Muscat City Desalination Company (MCDC) was established to undertake the Project. The plant has been established under a Build, Own, Operate (BOO) scheme, which enables it to be operated beyond the Water Purchase Agreement (WPA) term of 20 years, either by extending the WPA (if agreed by OPWP), or by selling the water into the market which may exist by that time. The plant started commercial operation on 19 February 2016, and MCDC went public on Muscat Stock Exchange on 2 January 2018.
MODC
“Malakoff Oman Desalination Company Limited (“MODC”) is 100% owned by Malakoff International Limited (“MIL”) which in turn is wholly-owned by Malakoff Corporation Berhad (“Malakoff”). Malakoff, headquartered in Kuala Lumpur and listed on the Bursa Malaysia Stock Exchange with a market capitalisation of US$1.2 billion (as at 28 October 2020), is the largest Independent Power Producer (“IPP”) in Malaysia. Its core businesses include power generation, water desalination, operations & maintenance and waste management & environmental services. Malakoff owns an effective power generation capacity of 5,822 MW in Malaysia comprising six power plants that run on oil, coal and gas. On the international front, Malakoff owns assets with a power generation and water production capacity of 588 MW and 472,975 m³/day, respectively in countries such as the Kingdom of Saudi Arabia, Bahrain and Oman.
Major shareholders of Malakoff include MMC Corporation Berhad, the Employees Provident Fund (“EPF”), Malaysia’s Ministry of Finance, the Retirement Fund Incorporated (“KWAP”) and Permodalan Nasional Berhad (“PNB”) who together hold circa 80% shareholding of the listed entity. In line with its growth by expansion strategy, Malakoff has been actively looking to venture further in the fast growing Middle East & North African (“MENA”) region as well as the neighbouring South-East Asian markets. In the Kingdom of Saudi Arabia, Malakoff owns a 24% stake in the Shuaibah Phase 3 Independent Water and Power Project (“IWPP”) which is one of the largest IWPPs in the MENA region and the first IWPP in the Kingdom of Saudi Arabia that delivers power and water to the cities of Makkah, Jeddah, Taif and Al-Baha. Malakoff also has a 24% stake in Shuaibah Phase 3 Expansion Independent Water Project (“IWP”). In Bahrain, Malakoff owns a 40% stake in Al-Hidd IWPP that supplies electricity and water to Bahrain’s Electricity & Water Authority.
www.malakoff.com.my
SWMEC
Summit Water Middle East Company (“”SWMEC””) is wholly-owned by Sumitomo Corporation. Sumitomo Corporation Group conducts business activities in a wide range of industries on a global scale over 65 countries to respond to the diverse needs of customers and markets. Sumitomo Corporation consists of six business units incorporating Metal Products, Transportation & Construction Systems, Infrastructure, Media & Digital, Living Related & Real Estate and Mineral Resources, Energy, Chemical & Electronics. Sumitomo Corporation’s consolidated revenue amounted to approx. JPY 4.6 trillion in FY2020.
Sumitomo Corporation is an active player in the water industry involved not only in sea water desalination, but also in water supply and wastewater treatment projects. Sumitomo Corporation’s role in the water business includes development, financing, equity participation as well as engineering, procurement and construction and O&M aspects. Sumitomo Corporation successfully operates water projects in many countries around the world, including Oman, UK, UAE, Bahrain, China, Brazil and Mexico.
https://www.sumitomocorp.com/en/jp
Board of Directors
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Anwar Syahrin Abdul AjibChairmanAnwar Syahrin Abdul Ajib, male a Malaysian, obtained his Master in Business Administration from University of Salford, United Kingdom and a Bachelor of Engineering in Mechanical Engineering from Imperial College of Science, Technology and Medicine, London, United Kingdom. He is a fellow chartered Accountant of the Institute of Chartered Accountant England and Wales, United Kingdom and a Member of the Malaysian Institute of Accountants. |
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Tamer CankardesVice ChairmanBachelor’s Degree in Mechanical Engineering and a Master’s Degree in Business Administration from Istanbul Technical University. Over 18 years of experience in the field of international power and water business development. |
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Vishwanath SankaranarayananMemberMr. Vishwanath Sankaranarayanan, a Chartered Accountant from India with over 30 years’ experience primarily in the power and infrastructure sector. He was Group Chief Financial Officer of Electricity Holding Company Oman and a Board member of Oman Power & Water Procurement Company. |
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Ajeev GopinathanMemberMr. Ajeev Gopinathan has Bachelor’s Degree in Polymer Engineering and Master’s Degree in Business Administration from Mahatma Gandhi University, India. He is a seasoned professional with more than 16 years of experience in managing multi-asset class investments. Currently he is working as Senior Investment Specialist at Diwan of Royal Court Pension Fund. |
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Mohd Nazersham bin MansorMemberHe obtained a Degree in Accounting & Finance from De Montfort University, United Kingdom and is a Fellow member of the Association of the Chartered Certified Accountants, United Kingdom. He is also a Member of the Malaysian Institute of Accountants. He joined as the Chief Financial Officer of Malakoff Corporation Berhad on 1 December 2017. He has over 20 years of experience in accounting, financial management, taxation, treasury and corporate finance. |
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Ashish GuptaMemberMr. Ashish has a Bachelor Degree in commerce from Punjab University, India and Master’s degree in Business Administration (Finance) from Indian Institute of Materials Management, India. He is a seasoned Investment Professional with an experience of over 15 Years in the field of investment and finance. He brings a wealth of expertise with particular strengths in areas such as Business strategy, debt restructuring, financial management, corporate finance etc. Currently he is working with Civil Service Employees Pension Fund as Senior Investment Analyst with a mandate of multi-asset class investments. |
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Katsushi TakiguchiMemberKatsushi Takiguchi, age 52, a Japanese citizen, obtained his Bachelor’s degree of Policy Management from Keio University in Japan. He has over 25 years’ career in international business development in the infrastructure sector. |
Key Officers
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Mr Kamarulzaman Bin SulaimanChief Executive OfficerMr. Kamarulzaman Bin Sulaiman was the Company’s Chief Financial Officer and joined the Company with over 15 years’ experience within energy and utility industries. His key experience is in management accounting and investment management. He obtained a Degree in Accounting & Finance from the University of Lancaster, United Kingdom and a Fellow of the Association of Chartered Certified Accountants (“FCCA”) United Kingdom. He is also a Member of Malaysian Institute of Accountants. |
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Megumi KikutaChief Financial Officer and Investor Relations OfficerMr. Megumi Kikuta has a degree in Economics from Tohoku University in Sendai, Japan. He has over 25 years’ experience in corporate group assignments. His key experience is in financial accounting, taxation and management accounting. He also has experience in global organisations including assignments in Japan, United States of America and United Kingdom. |
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Shamsa Mohamed Said Al TouqiHead of Internal Audit UnitMs. Shamsa joins the Company with over 9 years’ experience within internal audit function of a public listed company in the Sultanate of Oman. She obtained a Master Degree in Business Administration (Finance Management) from Mazoon College, Sultanate of Oman. She is also pursuing certification from the Institute of Internal Auditors. |
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Ahmed Al ShereiqiOperation ManagerMr. Ahmed Al Shereiqi joined Muscat City Desalination Company in March 2013. He has more than 10 years of multi-discipline work experiences acquired mainly in trading, construction, administration, public relations, and operations activities. Mr. Ahmed Al Shereiqi obtained his Bachelor of Science in Engineering (Mechatronics) from Caledonian College of Engineering in 2015. |
Competitive Advantages
- Largest operating SWRO desalination plant at a single location in Oman;
- Well-established contractual framework with long term WPA, ensuring cash flow protection against adverse events such as buyer risk events and force majeure;
- Stable and predictable cash flows, resilient to potential shocks in electricity prices and water demand until 2035;
Proven, long-term reliable SWRO desalination technology; - Experienced Project Founders with an established track record being able to transfer skills and know-how;
Fully operational Project operated by an experienced operator comprising of experienced and skilled operational personnel respecting highest levels of Omanisation requirements; and - Continuous demand for water, ensuring opportunities for incremental growth in revenue after the expiration of the current off-take contract.