26 February 2017
Walid Afifi
Nama Holding signed an advisory agreement with Bank Muscat and JP Morgan to raise approximately RO750mln ($1.95 billion).

The signing of new advisory agreement with Bank Muscat and JP Morgan follows the success of the first phase of the financial restructuring and long-term borrowing programme of Nama Holing subsidiaries.

Nama Group said it was able to gain confidence of financing partners, diversifying funding sources and widen its network of financial partnership from regional banks to international banks.

Nama Holding has awarded the second phase of the advisory and mandated lead arrangement assignment to the consortium of Bank Muscat and JP Morgan to raise approximately RO750mn, the group said in a press release issued on Wednesday.

The agreement will include some of Nama Group companies namely Oman Electricity Transmission Co, Muscat Electricity Distribution Co, Mazoon Electricity Co, Majan Electricity Co, Dhofar Power Co and Rural Area Electricity Co.

This long term fundraising advisory agreement will support Nama Group’s capital expenditure on distribution and transmission network. “The funds will be utilised to support our subsidiaries’ investment plans. Tranche II of the project comprises of three phases; procurement of bridge loans, advisory and implementation”, said Hussain al Balushi, chief financial officer of Nama Group.

“The plans are focused on delivering projects that support our growing customer base, improving the efficiency of our asset base, and to extend networks for the new generation capacities which are required to support new industrial projects and related electricity demand,” he added.

Nama Group consists of ten companies operating in the electricity generation, procurement, transmission, supply and distribution.

© Muscat Daily 2017