Dubai: Oman's Electricity Holding Company (EHC) has signed an agreement for a $325m working capital loan, the state-owned company's finance chief said yesterday.
The company, which holds the Omani government's stake in nine electricity firms, has raised the funds to support four of its distribution subsidiaries, Hussain Al Balushi told Reuters. Bahrain's Bank ABC coordinated the facility, which has a one-year maturity extendable for an additional year.
Gulf International Bank, National Bank of Abu Dhabi and Standard Chartered were also part of the group, said Al Balushi. The facility was divided on a pro rata basis among the four subsidiaries, said a banker close to the situation. Dhofar Power Company raised $25m, Muscat Electricity Company $80m, while Majan Electricity Company and Mazoon Electricity Company raised $100m and $120m respectively, said the banker.
