Nama Holding conducts road shows in London

Business Tuesday 13/November/2018 17:28 PM
By: Times News Service
Nama Holding conducts road shows in London

Muscat: Nama Holding has organised road shows in London on the partial privatisation of two companies of the group, Oman Electricity Transmission Company (OETC) and Muscat Electricity Distribution Company (MEDC).
The road shows were held on November 12 and will continue until November 13 in London, while the same will be conducted on November 19 in Muscat. The privatisation initiatives for OETC and MEDC are being conducted in line with the government's directives to proceed with the partial privatisation of electricity transmission, distribution and supply companies in the Sultanate.
Nama Holding is a government-owned institution and the holding company of Nama Group engaged in the transmission, distribution, supply and procurement of electricity and related water services in the Sultanate.
The road shows are being organised following the partial privatisation programme announcement by Nama Holding globally last month on October 8. Nama Holding has invited eligible entities, either individually or in consortia, to express interest to participate in the partial divestment of OETC and MEDC. The privatisation transaction processes will include the sale of up to 49 per cent of its shares in OETC and up to 70 per cent of its shares in MEDC.
“Nama Holding aims at attracting major strategic technical partners and investment institutions as investors to these companies, with the aim of sustaining the role of the electricity sector in the national economy and consolidating its position in international markets," Eng. Omar bin Khalfan Al Wahaibi, CEO of Nama Group, said.
"The partial privatisation of the Group’s electricity companies is a significant step towards improving the operation and service efficiency in the sector, enhancing competitiveness, importing and engaging the most advanced technologies and attracting foreign direct investments in the Sultanate,” he added.
“Nama Holding prepared a systematic and integrated framework for the implementation of the privatisation programme. It aims at attracting key strategic technical operators and investment institutions to participate in the partial privatisation for electricity transmission and distribution companies in the group," Dr Mansoor Al Hinai, VP Distribution and Supply at Nama Group, said.
"The privatisation process is divided into three main phases: the expression of interest phase, which has already started; the phase of submitting non-binding bids; and finally, the binding bids phase. During each phase, the bids are evaluated according to specific criteria to select the best offers and qualify them for the next phase, and finally, the winning bidders are selected,” he added.
Previously, Nama Holding announced the privatisation plan of the group’s other electricity distribution and supply companies in the Sultanate in the future, Majan Electricity Company, Mazoon Electricity Company and Dhofar Power Company.
Nama Group has appointed a consortium of advisors to assist in executing the Oman government’s mandate to facilitate the privatisation of its subsidiaries engaged in the transmission, distribution and supply of electricity in Oman.
The consortium is jointly led by “London Economics” based in the United Kingdom and “Lazard Freres” based in France.