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OIA Announces Restructuring of Electricity Companies


OIA Announces Restructuring of Electricity Companies

 

Muscat, 26 Jan (ONA) —— In line with the continuous government efforts to maximize efficiency and optimize spending in the electricity sector, Oman Investment Authority (OIA) has started the initial steps of a restructuring project, covering its subsidiary electricity distribution and supply companies.

With a clear vision and defined timeframe in place, the project will engage relevant public institutions and different stakeholders.

Companies included in the restructuring are Muscat Electricity Distribution Company (MEDC), Mazoon Electricity Company (MZEC), Majan Electricity Company (MJEC) and Rural Areas Electricity Company (Tanweer).

The restructuring project will carefully look into matters related to employees in order to minimize the impact that is usually associated with such processes.

Employees of the companies will be kept informed of all relevant matters, as Nama Group is disseminating information to them, and is conducting a series of open discussion sessions on this matter.

Nama Group is taking the initiative to communicate with all relevant financial institutions and lenders to keep them informed on the project, and to adhere to contractual and legal obligations.

All implications on the companies’ commitments in light of the current awarded projects and existing contractual obligations with vendors and contractors are being assessed to ensure that no impact will be resulted from the restructuring project on them.

Nama Group will maintain a constant communications flow with different stakeholders to keep them informed with updates on relevant matters.

—-Ends/AH



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