June 10, 2009 / 1:04 PM / 10 years ago

Oman to take majority stake in Dhofar Power

MUSCAT, June 10 (Reuters) - Oman plans to buy the majority stake in Dhofar Power DHP.OM from international and regional private investors, a company statement said on Wednesday.

“Shareholders holding 10,619,378 shares, constituting 53.9 percent of the issued and paid up capital of the company have informed the company that they are in discussions with Electricity Holding Company (EHC), whereby EHC would acquire their entire shareholding in the company,” it said.

State-run EHC is negotiating with Malakoff Berhad of Malaysia, Dubai based GCC Energy Fund, local companies Muscat Overseas and Malatan.

Other shareholders include Oman & Emirates Investment Company, local pension funds and private investors.

Dhofar Power made a net profit of 940,000 million rials in the first quarter of 2009, down from 980,000 million rials in the first three months of 2008. (Reporting by Saleh al-Shaibany)

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