BUSINESS REPORTER
MUSCAT, MAY 11
The partial privatisation of Muscat Electricity Distribution Company (MEDC) is due to be completed before the end of this year, top officials of Nama Group, the parent holding company of government-owned power and water assets, stated here on Tuesday.
Under Nama Group’s privatisation strategy, up to 70 per cent of its equity in MEDC — the largest of the country’s distribution and supply entities — is being offered for investment, effectively granting administrative and operational control to the strategic investor.
The balance 30 per cent will be eventually offered for public investment via an Initial Public Offering (IPO) to be floated on the Muscat Stock Exchange (MSX).
According to Ghada bint Mohammed al Yousef, Executive Manager, Group Communication and Sustainability — Nama Group, progress has been made in the privatisation of MEDC.
“As mandated by the Privatisation Supervisory Committee, Nama Holding continued with the process of the partial privatisation process of Muscat Electricity Distribution Company SAOC.
Nama received binding offers for sale of 70 per cent shares of MEDC from eligible bidders which are currently under evaluation. Although the process was estimated to be completed by the end of 2020, the pandemic delayed the completion schedule. It is now expected that the privatisation of MEDC will be completed in 2021, subject to obtaining necessary approvals and fulfilling the relevant conditions’’, she stated.
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