Nama Holding names advisers for privatisation of five subsidiaries

MUSCAT, JAN 20 - Nama Holding, the government-owned holding company of entities engaged in the generation, transmission, distribution, supply and procurement of electricity in the Sultanate, has appointed a consortium of advisers to assist in executing the government’s mandate to facilitate the privatisation of a number of its subsidiaries. This appointment is based on Ministerial Decision 1377/2017 dated December 19, 2017, which has been issued by Darwish bin Ismaeel al Balushi, Minister Responsible for Financial Affairs, supervising the Public Authority of Electricity and Water, whereby a temporary supervisory committee has been formed to oversee the privatisation of the eligible entities in the Electricity Sector. The subsidiaries of Nama Holding that are selected for potential privatisation are Muscat Electricity Distribution Company SAOC, Majan Electricity Company SAOC, Mazoon Electricity Company SAOC, Dhofar Power Company SAOC, and Oman Electricity Transmission Company SAOC. The consortium of advisers, aiming at providing the transaction advisory services for this privatisation programme, will be jointly led by London Economics Ltd based in the United Kingdom and Lazard Freres SAS based in France. London Economics will conduct the programme from the economic advisory angle while Lazard will manage the financial transactions involved. The consortium also has five other advisory firms providing services in other areas. Nama Group consists of 11 joint stock companies registered in the Sultanate of Oman. These companies were created as a result of restructuring of the Electricity Sector and its related water services in 2004 and commenced commercial operations on May 1, 2005. The Group of companies include Nama Holding (NH), Mazoon Electricity Company (MZEC), Muscat Electricity Distribution Company (MEDC), Majan Electricity Company (MJEC), Dhofar Power Company (DPC), Rural Areas Electricity Company (RAECO), Oman Electricity Transmission Company (OETC), Al Gubrah Power and Desalination Company (GPDC), Wadi Al Jizzi Power Company (WAJPC), and Oman Power and Water Procurement Company (OPWP). In 2014 NH launched its Nama Institute for Competency Development which aims to develop competencies in the utility sector.