Oman to sell stake in Muscat utility through IPO, private placement

Oman’s government has said it will sell a 49 per cent stake in state-owned Muscat Electricity Distribution Company (MEDC) through a private placement and an initial public offering.

MEDC’s holding company Nama Holding has appointed a transaction advisor to manage the sale in line with government privatisation efforts.

The advisor will carry out studies and prepare and manage both processes.

Nama said the privatisation aimed to promote individual and institutional participation in a key infrastructure provider and develop Oman’s capital market.

MEDC was originally formed following the restructuring of Electricity and Related Water Sector.

Nama Group also holds other state-owned utilities including Majan Electricity Company, Mazoon Electricity Company, Oman Electricity Transmission Company and Oman Power and Water Procurement Company.