Mubadala GE Capital, a joint
venture between the Abu Dhabi investment fund and General
Electric, will buy a stake in Oman's
, 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
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
"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 OR34.869m ($90.568m),
according to bourse data.For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.