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MENAFN - Muscat Daily - 04/11/2012

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(MENAFN - Muscat Daily) MENA Infrastructure Fund, a private equity fund based in Dubai, will acquire a 20 per cent stake in Sohar Power Company, according to a disclosure to the Muscat Securities Market (MSM) on Sunday.MENA Sohar 1 SPV Ltd, an investment holding company of MENA Infrastructure Fund, has entered into an agreement to acquire shares constituting 20 per cent of the company's total share capital from three of Sohar Power's shareholders namely WJ Towell & Co, The Zubair Corporation and Kahrabel FZE, Sohar Power said.MENA Infrastructure Fund, which targets investments in the infrastructure and energy sectors across the Middle East and North Africa region, is a specialist private equity fund co-sponsored by Fajr Capital, HSBC Middle East Limited and Waha Capital.''As a result of the transaction, the existing business of Sohar Power shall not be affected. Kahrabel FZE, a GDF Suez group company, remains with 35 per cent shareholding after the transaction and as the largest shareholder of the company,'' Sohar Power said in its disclosure.Kahrabel FZE held 45 per cent shares of the company before the transaction as of September 30, 2012, according to the latest financial report of Sohar Power.Sohar Power said that the transaction is subject to receipt of necessary consent and regulatory approvals and is expected to be concluded by the end of the first quarter in 2013.Sohar Power owns and operates Sohar 1 independent water and power project (IWPP) in Sohar, which includes a 585MW electricity generation plant and a 33mn imperial gallons a day seawater desalination plant.Since it reached commercial operation in May 2007, Sohar 1 IWPP has been selling power and water to Oman Power and Water Procurement Company (OPWP) under a 15-year power and water purchase agreement.The company registered a net profit of RO1.49mn for the first nine months of 2012. Net profit in the same period of the previous year was RO4.35mn.


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