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FINANCIAL NEWS
Mubadala GE Capital to acquire stake in Omans UPC
20 Dec 2010
(MENAFN) The joint venture formed between the Abu Dhabi investment fund, Mubadala, and General Electric; known as Mubadala GE Capital, has decided to acquire a stake in Oman’s United Power Company (UPC), Reuters reported.
Financial details of the sale of the preferred shares, which amount to 16.41 percent of UPC’s total share capital, were not specified. However, according to bourse data, the Oman-based company has a capital of $90.568 million.
The acquired shares were purchased from three United Power shareholders, which are National Trading Company, WJ Towell and Zubair Corporation, and the deal is scheduled to close on December 31.
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