Electricity Holding Group implement ‘Lamar’ Project
Electricity Holding Company (EHC), the holding company of a government-ownedgroup of companies engaged in the procurement, generation, transmission, distributionand supply of electricity in Oman, held a signing ceremony at Al Bustan PalaceHotel to mark the appointment of bank muscat and J.P. Morgan as joint financialadvisors and lead arrangers in connection with a debt raising of OMR 800million. EHC is executing the “advisory Agreement” with the Bank Muscat and J PMorgan as part of first phase of project Lamar. The second phase will cover theimplementation of the ‘approved strategy.
The ceremony was attended by HEMohammed Al Mahrouqi, Chairman of the Public Authority for Electricity andWater and Chairman of Electricity Holding Company along with senior officialsrepresenting the Electricity Holding Group (EH Group), bank muscat and J.P.Morgan.
The appointment of bank muscat and J.P.Morgan as joint financial advisors and lead arrangers is to advise EHC and itssubsidiaries and raise long term funding to support EH Group’s capitalexpenditure of the distribution and transmission network, and to refinance theexisting short terms borrowings. “The report from our advisors is expected in thecoming months and the funds raised will be utilized to support our subsidiaries’investment plans,” said Eng Omar Al Wahaibi, Chief Executive Officer ofElectricity Holding Company.
“The plans are focused on deliveringprojects that support our growing customer base of 9% per annum, improve theefficiency of our asset base, and to extend networks for the new generationcapacities which are required to support new industrial projects and relatedelectricity demand,” he added.
The Electricity Holding Group is a group of tenjoint stock companies registered in the Sultanate of Oman. These companies werecreated as a result of restructuring of the electricity sector and its relatedwater services in 2004 and commenced commercial operations on the 1st May 2005.The Group of companies include Electricity Holding Company, Mazoon ElectricityCompany, Muscat Electricity Distribution Company, Majan Electricity Company,Oman Electricity Transmission Company, Rural Areas Electricity Company, GubrahPower and Desalination Company, Wadi Jizzi Power Company, Oman Power and WaterProcurement Company, Dhofar Power Company and Dhofar Generation Company.