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MENA Infrastructure Fund Acquires 32.8pc of UPC
30 June 2009
DUBAI - MENA Infrastructure Fund, the infrastructure equity fund sponsored by HSBC, Waha Capital and Dubai International Capital, has acquired 32.8 per cent of United Power Company SAOG, or UPC, for
$26.5 million.
UPC is listed on the Muscat Securities Market, with 40 per cent of its equity capital being publicly traded. MENA Infrastructure Fund has acquired 32.8 per cent of the founders’ shareholding in the company from GDF Suez, the French energy giant in a competitive auction process. The sale was a requirement by the Omani electricity regulator for GDF Suez to divest its shareholding in UPC. Following the transaction, MENA Infrastructure Fund becomes the largest shareholder in UPC.
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