Bahrain’s state-owned energy investment and development company nogaholding, received four bids for its strategic financial advisory tender for Project Maha, according to a Bahrain Tender Board statement.

The bidders who responded to the Request for Proposals tender are  Rothschild Andco (1,015,200 Bahraini dinars or $2.7 million); Moelis Company UK (228,085 dinars or $604,989.53); Houlihan Lokey - MEA Financial Advisory (285,000 dinars or $755,955.09) and Lazard Freres (1,330,000.380 dinars or $3.5 million).

Project Maha will provide the pathway for nogaholding to transform into an integrated sustainable energy company.

The strategic financial advisor will undertake a holistic financial review and evaluation of nogaholding under Project Maha, the statement dated 30 May said.

“The chosen company needs to assist in developing a comprehensive financial strategy for nogaholding and the operating companies in which nogaholding is a majority shareholder in the short to medium term,” the statement said.

nogaholding is looking to transform from an oil and gas holding company to an integrated sustainable energy company and is in the process of setting the national energy strategy for Bahrain, according to the statement.

Last month, a report by local newspaper Gulf Daily News, quoting nogaholding CEO Mark Thomas said strategic financial advisor would be looking at asset monetisation, debt and structure of debt, opportunities for using alternative forms of financing like sustainability-linked loans, and national hedging strategy.

(Writing by Anoop Menon; Editing by Seban Scaria)