Apr 04 2012
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Swicorp Joussour Company announces signature of SPA for exit from Uch Power Limited (UPL)
Joussour Holding Company, the private equity investment vehicle investing in energy and energy intensive industries and managed by Swicorp , holds a strategic equity stake with joint control in UPL through one of its majority-owned subsidiaries Creative Energy Resources.
The asset was acquired in 2008; it is one of the lowest cost sources of thermal power in Pakistan, with a long-term fuel supply and power purchase contract in place. Over the 4 year holding period, the investment delivered solid returns for its investors.
Nabil Triki, Swicorp head of Private Equity and CER Board member added: "I am pleased that as market conditions improve, Swicorp is beginning to unlock the considerable value stored within its investment portfolio. This is our third successful exit so far this year and we are very satisfied with the outcome".
This transaction is subject to certain regulatory consents and other approvals, which are expected to be completed by May 2012.
Swicorp is a leading corporate finance advisory, private equity and principal investment firm with a specific regional focus on the Middle East and North Africa (MENA) region.
From its headquarters in Riyadh and regional offices in Jeddah, Geneva, Tunis, and Dubai, Swicorp provides a wide range of corporations and investors with independent advice and assistance on key strategic and financial issues.
About Joussour Holding Company
Joussour's strategic objectives are investing in businesses that can directly benefit from MENA's competitive advantages including access to energy feedstock, strategic location, etc. While its core geographic focus is the MENA region, Joussour can opportunistically invest in other regions as well. Joussour's investments primarily target the energy, petrochemicals and other energy-intensive sectors with target equity investment size of US$ 50 million to US$ 150 million.
© Press Release 2012
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