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Mon 20 Dec 2010 02:31 PM

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Mubadala, GE JV to buy stake in Oman's United Power

UPC's preferred shares amount to 16.41 percent of its total share capital

Mubadala, GE JV to buy stake in Oman's United Power
UNITED POWER: UPC has a capital of OR34.869m ($90.568m), according to bourse data (Getty Images)

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

share capital.

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

Dec. 31.

"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.

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