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Mubadala, GE JV to buy stake in Oman’s United Power

Mubadala GE Capital bought the shares from three United Power shareholders.

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December 20, 2010 12:06 by



Mubadala GE Capital, a joint venture between the Abu Dhabi investment fund and General Electric , will buy a stake in Oman’s United Power Company , the firm said on Monday.

United Power did not give financial details of the sale of the preferred shares, which amount to 16.41 percent of its total share capital.

Through a subsidiary, Mubadala GE Capital bought the shares from three United Power shareholders: National Trading Company, WJ Towell and Zubair Corporation. The deal is slated to close on Dec. 31.

“As a result of the transaction, the existing business of the company shall not be affected,” United Power said in a statement to the Muscat bourse.

UPC has a capital of 34.869 million rials ($90.568 million), according to bourse data.

(Reporting by Saleh al Shaibany; Editing by Amran Abocar)



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