Oman’s Electricity Holding Co Picks Advisers, Plans $2.1bn Fundraising

Oman’s Electricity Holding Company, the holding firm for all electricity firms in the sultanate, plans to raise OMR800 million ($2.08 billion) from a loan or bond issue by the middle of next year, its chief executive was quoted as saying.

The firm has hired JP Morgan and Bank Muscat to advise them on their fundraising options, with a decision on how to raise the cash likely to be made in the next couple of months, Omar bin Khalfan al-Wahaibi told the Times of Oman newspaper.

Funds raised would be used to finance the expansion of the transmission and distribution systems of its subsidiary companies, Wahaibi said, adding their investment plans were currently being considered by the regulatory authorities.