UEWC set for privatisation

ABU DHABI — Abu Dhabi, which aggressively pursued privatisation of its water and power assets, said it is working on the second phase of the process through which shares of an Independent Water & Power Project (IWPP) would be off-loaded to general public through an IPO, while 40 per cent shares of the Union Water and Electricity Company (UEWC) would be sold out to a strategic buyer.

By A Staff Reporter

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Published: Sun 17 Apr 2005, 10:29 AM

Last updated: Thu 2 Apr 2015, 4:05 PM

We have started the process, pushing the second phase forward offering subscription of shares", said Abdullah Saif Al Nuaimi of Abu Dhabi Water and Electricity Authority (ADEWA), while talking to reporters, in the capital. However, he showed his inability to offer more information regarding the percent of the shares to be offered to general public, size of the proposed IPO, name of the company or the time frame, during which the process would be completed.

About the Union Water and Electricity Company (UWEC) of Fujairah, which has been taken over by ADEWA, he said there were plans to privatise 40 per cent shares to a strategic buyer for a management control. However, the ADWEA would retain remaining 60 per cent shares.

Within next couple of month’s time, the process regarding privatisation would move forward with the start of the pre-qualification of the companies interested in its buy-out. He hoped that by the year-end Request of Proposal (ROP) would be issued.



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