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FINANCIAL NEWS
French GDF Suez sells 40% stake in Bahrain’s Al Hidd
13 May 2012
(MENAFN) French utility GDF Suez stated that it sold a 40 percent stake in Bahraini Al Hidd power and water plant to Malaysia’s Malakoff, the country’s largest independent power producer, reported Reuters.
The owner of the largest gas transport network in Europe said that the sale came to meet a regulatory requirement following its purchase of International Power in 2011.
The firm added that the acquisition of International Power increased its stake in the Bahraini plant to 70 percent; however, it had to cut the stake to prevent the concentration of ownership.
It is worth noting that following the sale, Malakoff will own a 40-percent stake in Al Hidd plant, whereas GDF-International Power will own a 30-percent stake, and Japan’s Sumitomo Corp will also own a 30-percent stake.
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