MENA Sohar, a private equity fund, has finalized a deal to purchase 20 percent of the share capital of the Sohar Power Company. MENA Sohar is an investment holding company of the MENA Infrastructure Fund, and Sohar Power Company operates and owns a key independent water and power project in the northern coastal Omani city of Sohar.
The MENA Infrastructure Fund is a specialist infrastructure private equity fund valued at approximately $500 million and was launched by the Dubai International Finance Center (DIFC.) The fund handles private equity seeing investments in the energy and infrastructure sectors throughout the Middle East and North Africa (MENA.) Three major business groups contribute to the MENA Fund within the MENA region: Fajr Capital, HSBC Bank Middle East and Waha Capital.
“As a result of the transaction, the existing business of the Company shall not be affected. Kahrabel FZE (a GDF SUEZ group company) remains with 35 per cent shareholding after the Transaction, the largest shareholder of the Company,” Sohar Power said in a disclosure notification to the Capital Market Authority. “The transaction is subject to receipt of necessary consents and regulatory approvals and is expected to be concluded by end of the first quarter of 2013.”