OETC has no plans to raise funds: Nama

MUSCAT: Nama Holding said that its subsidiary Oman Electricity Transmission Co. has no plans to raise additional fund this year as the firm has already raised $500 million earlier this year.

The company was responding to a wrong international agency report, which said Nama group is planning for a $500 million sukuk programme.

Nama Holding has made significant progress in Lamar Project (funding programme) since its launch in 2014 after the appointment of Bank Muscat and JP Morgan as joint financial advisors and lead arrangers for the long-term fund raising programme for the group, said a press release.

The fundraising programme will support Nama Group’s capital expenditure of the distribution and transmission network, and to refinance the existing short terms borrowings.

As part of the first tranche, Nama group has raised (during 2015-16 period) $1 billion through a bond issue for OEHC, OMR170 million syndicated loan for Muscat Electricity Distribution Company, OMR127 million syndicated loan for Majan Electricity Company, OMR240 million syndicated loan for Mazoon Electricity Company and OMR100 million syndicated loan for Dhofar Power Company. In the second tranche this year, the company has already raised $500 million by way of a bond issue for OETC.

As a strategic leader, Nama Holding has concluded tranche one as part of project Lamar, added the press release.

Nama Group consists of ten joint stock companies registered in the Sultanate of Oman.

The group of companies include Nama Holding (NH), Mazoon Electricity Company (MZEC), Muscat Electricity Distribution Company (MEDC), Majan Electricity Company (MJECO), Dhofar Power Company (DPC), Rural Areas Electricity Company (Raeco), Oman Electricity Transmission Company (OETC), Gubrah Power and Desalination Company (GPDC), Wadi Jizzi Power Company (WAJPC), and Oman Power and Water Procurement Company (OPWP).