united power company ( SAOG )

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Disclosure of material information – Manah Power Plant

United Power Company SAOG (the “Company”) advises the Capital Market Authority, the Muscat Securities Market and the investors’ community that the term of the Purchase Agreement (“PPA”) and the Supplemental Agreement to the PPA, , entered into between Oman Power and Water Procurement Company S.A.O.C (“OPWP”) expired on the 30th of April 2020 (“Term”).

 

As a result of the expiry of the Term, OPWP has formally advised UPC that Electricity Holding Company (Nama Holding), as representative of the Government’s interest in the electricity sector, has instructed OPWP that the Manah Plant would be transferred to Nama Holding (or its nominee). Accordingly, the Board of directors of the Company (“Board”) on the 4th of May 2020 decided to undertake all works associated to closure of all outstanding commitments and on its completion, will proceed with the liquidation of the Company subject to the approval of the shareholders at an extra-ordinary general meeting.

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