Oman’s wealth fund has tapped Lazard Inc as an advisor for the planned initial public offering (IPO) of the state-backed Oman Electricity Transmission Co (OETC), Bloomberg reported on Wednesday, citing sources familiar with the matter.

Other banks will also be invited to provide their pitches for the power utility’s listing, the news agency said. OETC and Lazard did not respond to requests for comment.

The Oman Investment Authority (OIA), the sultanate’s investment arm, is looking to privatise some of the country’s assets to raise funds.

“Ongoing efforts by OIA to privatise some assets are welcome to stimulate private sector participation in the economy,” the International Monetary Fund (IMF) said in January.

Last October, the gas pipeline business of state owned OQ raised around $750 million in an IPO.

(Writing by Cleofe Maceda; editing by Seban Scaria)