Mubadala, GE JV to buy stake in Oman’s United Power
Mubadala GE Capital bought the shares from three United Power shareholders.
December 20, 2010 12:06 by Reuters
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)