Sep 21 2007 |
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Enara-Arabia for Energy buys 51% stake in Central Electricity Generation Company
AMMAN - Enara-Arabia for Energy bought on Thursday a 51 per cent stake in the Central Electricity Generation Company (CEGCO) marking the privatisation of the firm.The transaction, first announced during the Dead Sea World Economic Forum in May 2007, was officially signed between the concerned private and public parties at a ceremony.
The Jordan-Dubai Energy Company, the investment arm of Jordan-Dubai Capital in the energy sector, established the Enara-Arabia for Energy in order to start its investments in the energy sector in the Kingdom.
It will pay $320 million according to the agreement. The amount, in part, included the CEGCO 's debts as of the date of the deal.
Representatives of the government included Energy and Mineral Resources Minister Khalid Shraideh, Finance Minister Hamad Kasasbeh and Executive Privatisation Commission (EPC) Director Mohammad Abu Hammour.
The government retained a 40 per cent equity and the remaining 9 per cent of the shares will be transferred to the Investment Unit of the Social Security Corporation.
The investors consortium included Jordan Dubai Energy, the Malaysian electricity giant Malakoff and the Athens-based Consolidated Contractors Company (CCC) .
According to Abu Hammour, this deal highlights the importance of the privatisation programme's role in the enhancement of public-private partnerships.
Besides the signing of agreement, another ten different related accords were signed to officially complete CEGCO 's privatisation.
A shareholders' agreement and a share acquisition agreement were signed by Kasasbeh on behalf of the
government, Samir Rifai, chairman of Jordan Dubai Energy and ENARA, Ahmad Jawhari Yahya, managing director of Malakoff Corporation, Berhad Malakoff, Malaysia, Thomas Langford, Group vice president of CCC and Abdul Fattah Nsour, CEO of CEGCO .
An implementation agreement between CEGCO , ENARA and the Jordanian government, represented by Shraideh, head of the project's steering committee, was also signed.
A standard generating licence was signed between the Electricity Sector Regulatory Commission and CEGCO . Five different power purchasing agreements were also signed between CEGCO and National Electric Power Company .
Furthermore, a fuel supply agreement was signed with Jordan Petroleum Refinery Company , and a gas supply agreement was signed with the National Petroleum Company .
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